{"id":69854,"date":"2022-11-10T12:09:13","date_gmt":"2022-11-10T10:09:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69854"},"modified":"2025-09-07T22:28:52","modified_gmt":"2025-09-07T19:28:52","slug":"bloomberg-and-wsj-report-an-8-billion-hole-in-ftx-balance-sheet","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-and-wsj-report-an-8-billion-hole-in-ftx-balance-sheet\/","title":{"rendered":"Bloomberg and WSJ report an $8 billion hole in FTX balance sheet"},"content":{"rendered":"<p>The founder and CEO of FTX, Sam Bankman-Fried, told investors that without additional capital the exchange would be forced to declare bankruptcy. Bloomberg reports.<\/p>\n<p>According to the agency&#8217;s source, during the conference call Bankman-Fried said that, due to a liquidity crisis, the company faced a shortfall of up to $8 billion. FTX needs $4 billion to remain solvent, the exchange&#8217;s founder said.<\/p>\n<p>In <a href=\"https:\/\/www.wsj.com\/articles\/binance-is-said-to-be-likely-to-walk-away-from-deal-to-buy-ftx-11668020963\">The Wall Street Journal<\/a> they quoted similar estimates. Sources to the publication confirmed that the platform needs cash injections to meet clients\u2019 withdrawal requests.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">November 10, 2022 | 12:23<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>According to <a href=\"https:\/\/www.reuters.com\/technology\/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10\/\">Reuters<\/a>, in an effort to help Alameda Research, Bankman-Fried transferred no less than $4 billion to the company. This amount consisted of FTT tokens, customer funds and Robinhood shares (earlier the head of the exchange <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-chief-acquires-7-6-stake-in-robinhood\">acquired<\/a> 7.6% stake in the online broker). <\/p>\n<\/div>\n<p>According to Bloomberg, FTX is seeking emergency financing in the form of debt, equity, or a combination.<\/p>\n<p>The analyst going by the pseudonym Cobie published a message that the head of the company allegedly sent to employees on Slack. The screenshot also indicates the company\u2019s plans to raise financing to address the problem.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">A msg from SBF on FTX slack that got leaked to me by some telegram anon, have verified its real w another <a href=\"https:\/\/t.co\/XMjIM9nSkx\">pic.twitter.com\/XMjIM9nSkx<\/a><\/p>\n<p>\u2014 Cobie (@cobie) <a href=\"https:\/\/twitter.com\/cobie\/status\/1590610757334728704?ref_src=twsrc%5Etfw\">November 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAs part of the forthcoming fundraising, we spoke with Justin Sun,\u201d the message says.<\/p>\n<\/blockquote>\n<p>Earlier Sun <a href=\"https:\/\/u1f987.com\/en\/news\/binance-abandons-bid-for-ftx-justin-sun-says-he-will-help-find-a-solution\">stated<\/a> that, together with FTX, he is developing a solution that will allow the company to start moving forward. He did not specify what exactly the initiative was about.<\/p>\n<p>Against the backdrop of FTX&#8217;s financial problems, U.S. regulators <a href=\"https:\/\/u1f987.com\/en\/news\/us-regulators-investigations-into-ftx-come-to-light\">have begun examining<\/a> the company&#8217;s ties with its U.S. subsidiary and Alameda Research. The Department of Justice has also taken an interest in the platform&#8217;s activities.<\/p>\n<p>Recall that one of FTX&#8217;s investors, venture firm Sequoia Capital, <a href=\"https:\/\/u1f987.com\/en\/news\/sequoia-capital-records-213-5-million-loss-on-ftx-investments\">has deemed unrecoverable<\/a> investments in the exchange amounting to $213.5 million.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The founder and CEO of FTX, Sam Bankman-Fried, told investors that without additional capital the exchange would be forced to declare bankruptcy. Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":69855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1166,1236],"class_list":["post-69854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-centralized-exchanges-cex","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69854"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69854\/revisions"}],"predecessor-version":[{"id":69856,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69854\/revisions\/69856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69855"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}