Messari Analyzes FTX Can Return Users 50% Of Their Assets

Messari’s preliminary balance sheet calculations show that FTX customers are more likely to receive less than 50% of their money back while their funds are held on the exchange.

Kunal Goel, a Messari Research analyst, stated that he anticipated consumers might recover between 40% and 50% of their money returned using rough balance sheet data from the Financial Times, indicating that all is not lost.

According to Goel’s analysis, liquid assets total $622 million, less liquid assets total $616 million, and illiquid assets total $2,870 million. The fair value of the assets as a whole is $4,109 million. The net value of the assets is $3,287 million after bankruptcy costs, such as legal fees, are deducted at a 20% rate.

Liabilities are $8,859 million and are made up of client deposits at $8,399 million and other liabilities of $460 million.

Total assets divided by client deposits are 0.49, although the more accurate ratio is 0.39 for net assets.

The wallet attack, in which thieves took $477 million, inflicted a serious blow to user fund recovery, according to Goel. The amounts above, however, don’t include payments that have been misused.

Meanwhile, former FTX CEO Sam Bankman-Fried revealed FTX US is enough to refund users.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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