The FTX cryptocurrency exchange managers recently discovered that only $2.7 billion out of the expected $11.6 billion were available in their customers’ accounts.
The temporary administration of FTX.com and FTX US performed an inventory of almost all associated wallets, revealing a significant shortfall of approximately $8.9 billion in client funds.
A preliminary report published on the Kroll law firm’s website revealed that Alameda Research was responsible for a portion of the shortfall, having borrowed $9.3 billion from client accounts before the exchange’s collapse.
FTX itself has receivables amounting to $413 million, which may include blocked or unidentified accounts.
However, it remains unclear whether customers will be able to recover the entire $2.8 billion, as $1.5 billion of it comprises crypto-assets that have since dropped in value.
The remaining funds are divided among various assets, including $157 million in Serum (SRM), $1 billion in MAPS, and $130 million in FTT tokens.
In addition, the founder of FTX, Sam Bankman-Fried, was accused by the US Securities and Exchange Commission of diverting client funds to save Alameda Research’s trading division and fund his luxurious lifestyle.
The former CTO of FTX has already pleaded guilty to criminal charges and agreed to cooperate with the ongoing investigation.