Financial Times:
FTX balance sheet: $900M in liquid assets the day before bankruptcy, including $470M in Robinhood shares owned by an SBF entity not listed in bankruptcy filings — Vast gap highlights the dire state of Sam Bankman-Fried’s exchange before it collapsed into bankruptcy
Nikhilesh De / CoinDesk:
FTX US warns users to close their positions as it might halt trading in the coming days, hours after SBF said in a Twitter thread that FTX US was “100% liquid” — Sam Bankman-Fried said the FTX US entity’s users would be able to withdraw all their funds.
Andrew Rummer / The Block:
FTX’s Sam Bankman-Fried insists the exchange is “fine” after Binance begins selling FTX’s FTT; a recently leaked Alameda balance sheet showed $8B in liabilities — – FTX CEO Sam Bankman-Fried insisted his crypto exchange is “fine” after rival Binance announced it would start selling its holdings of FTX’s FTT token.
Zane Tackett / @tackettzane:
[Thread] FTX’s former Institutional Sales head looks at its balance sheet and options, including bankruptcy or issuing a token, and their pros and cons — 1/I obviously have 0 say at this point, but hey, interested to hear others’ thoughts: Two options: A) bankruptcy B) token [THESE ARE NOT CONCRETE NUMBERS] Liabilities: -8.8bn Liquid assets: 900m Less liquid: 2.037bn Illiquid: 3.2bn liquid hole: -7.9bn illiquid hole: -2.66bn
Divya Balji / Bloomberg:
Coinbase’s stock closes down 10.78% and Robinhood Markets closes down 19.04% as the Binance-FTX deal spotlights the challenges facing the $1T crypto industry — Robinhood Markets Inc. tumbled by the most in more than a year after Binance Holdings Ltd. agreed to acquire Sam Bankman-Fried’s …
Helen Partz / Cointelegraph:
Hours after announcing an emergency deal with Binance, FTX CEO Sam Bankman-Fried deletes a Twitter thread saying the exchange and assets were “fine” — Sam Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were “fine.”
Cameron Thompson / CoinDesk:
Robinhood releases its non-custodial, Polygon-based crypto wallet, Robinhood Wallet, in beta to 10,000 users who signed up in May — Robinhood has been steadily moving away from its original “walled garden” approach to crypto over the past year. — No-fee trading platform Robinhood …
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