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Sam Bankman-Fried Addresses $8 Billion Balance Sheet Deficit, the Key Takeaway

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In a recent Bloomberg interview, Sam Bankman-Fried (SBF), FTX former CEO, revealed the whereabouts of the funds. SBF said he showed investors a separate balance sheet at an emergency bailout.

According to the report, SBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in less liquid assets. The report also mentioned $3.2 billion in illiquid assets.

He revealed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet bears similar numbers but $8 billion less liquid assets. SBF said he misquoted the numbers.

He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX’s internal audit system double-counted the amount and credited it to both firms.

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