* I'm assuming the 'poorly labelled $8bn' is included in this amount, and you don't add it
Assets: $2.5bn?
* $1.5bn of liquid assets.
* $1bn-ish? of illiquid assets.
* Most of these numbers are just made up, but let's finger-in-the-wind them at $1bn ($500m at least is in 'locked USDT')
Now we find out they have another magical pool of money, the $3.2bn that they'd taken out of FTX and put in their pockets.
So the position looks really different: They had $8.8bn on one side of the ledger, and $5.7bn on the other side - After the massive bank run which collapsed the price of their shitcoins.
It appears they had the money to pay out most of their USD / USDT depositors at $0.85 on the dollar, which is obviously still 'insolvent', but possibly enough to survive a bank run (almost) all the way down to the ground (If you suspend redemptions of your crypto and persuade 15% of your USD depositors not to pull their money out)
The final question is: Who did they owe the liabilities to? If some of those 'deposits' were actually owed to other FTX-associated entities, it seems even more survivable, and would probably have preserved some of the value of their shitcoins
Comments
This just keeps getting weirder.
From the infamous irony quotes 'balance sheet': https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6c...
Liablities: $8.8bn of customer deposits
* $6.6bn-ish in USD or USDT
* $2.2bn in crypto
* I'm assuming the 'poorly labelled $8bn' is included in this amount, and you don't add it
Assets: $2.5bn?
* $1.5bn of liquid assets.
* $1bn-ish? of illiquid assets.
* Most of these numbers are just made up, but let's finger-in-the-wind them at $1bn ($500m at least is in 'locked USDT')
Now we find out they have another magical pool of money, the $3.2bn that they'd taken out of FTX and put in their pockets.
So the position looks really different: They had $8.8bn on one side of the ledger, and $5.7bn on the other side - After the massive bank run which collapsed the price of their shitcoins.
It appears they had the money to pay out most of their USD / USDT depositors at $0.85 on the dollar, which is obviously still 'insolvent', but possibly enough to survive a bank run (almost) all the way down to the ground (If you suspend redemptions of your crypto and persuade 15% of your USD depositors not to pull their money out)
The final question is: Who did they owe the liabilities to? If some of those 'deposits' were actually owed to other FTX-associated entities, it seems even more survivable, and would probably have preserved some of the value of their shitcoins