July 24, 2024
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As FTT and SOL decrease, FTX users’ chances of getting their money back are slim

The likelihood of customer funds being recovered has decreased as a result of the series of events that followed the FTX collapse and bankruptcy filings.

Additionally, issues have been made worse by the sharp devaluation of FTX assets and the $400 million exchange hack over the weekend.

A bleak picture is painted for people who have money locked on the platform when the balance sheet is broken down. According to FTX’s bankruptcy petition, which was revealed by Bloomberg on November 14th, the company has only $900 million in cash assets and around $9 billion in liabilities.

The study also states that $3.2 billion of the total is made up of “illiquid” assets, making up $5.5 billion of the total. The value of several of its major holdings of digital assets has collapsed.

These include the FFT exchange token, the SOL token from Solana, and the SRM token from Serum.

FTT and SOL dips

Over the last 24 hours, FTT has dropped an additional 40%. In recent Asian trade, the token dropped from an intraday high of $2.09 to a low of $1.29. FTT has since recovered to $1.68, but the token has fallen 92.5% since last week at this time.

Not much better off is Solana. According to CoinGecko, SOL prices fell 16% to an intraday low of $12.28. At the time of writing, SOL had dropped more than 60% in the previous seven days and was trading at $12.57.

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