FTX debtors report $11.6B in claims, $4.8B in assets, with many crypto holdings ‘undetermined’

The news emerged this week that a number of debtors associated with the FTX cryptocurrency exchange have reported over $11 billion in claims and $4.8 billion in assets. In their creditor report, the debtors have also stated that the amount of crypto assets held is “undetermined.” This is not the first time this year that an exchange has dealt with substantial claims and assets following an incident.

The FTX debtors presentation, aimed at providing creditors with an overview of the situation, reported $25 million in donations — political and otherwise — from three of the FTX silos, but added “limited information” was available on crypto donations. The presentation reported a total of $11.6 billion in debt, with $4.8 billion in assets. Of this amount, $4.3 billion is estimated to be held in cryptocurrency.

As crypto continues to be embraced by a variety of industries and people around the world, exchanges need to be able to properly manage their funds and secure them from any potential risks — whether that be internal or external. With this in mind, we expect to see exchanges put greater emphasis on proper fund management and security measures.

At the end of the day, FTX and other exchanges need to ensure that any crypto assets they hold are secure and reliable for their customers. Although the outcome of this debacle is still uncertain, it does illustrate how critical proper fund management is for any business dealing with crypto.