Analysis of FTX's Balance Sheet

Per the above, liquid assets reflect only 10% of FTX's ~$9.0bn liabilities, meaning former CEO Sam Bankman-Fried had made false statements on his firm's solvency. Pre ~$5bn bank run, liquid assets reflected only ~43% of outstanding liabilities. Post-bank run, combined less liquid and illiquid venture assets reflect the majority of FTX's remaining value compared to liquid assets. 

Following the bank run and subsequent market selloff, less liquid assets plummeted from 174% to 39% as their prices fell and were subsequently marked down. As of November 10, liquid assets account for ~10% of FTX's remaining liabilities. That being said, given November 11th's malicious withdrawals, it is unclear what is the true liquid asset balance. Late Friday evening, two parties rapidly withdrew FTX deposits in an attack that stole more than $400mm. The attack, unless recovered, would bring FTX's liquid assets to a rough ~500mm, reflecting ~5.5% of liabilities outstanding.