The bankrupt crypto exchange has said $8.8 billion in customer funds are unaccounted for in a 'massive shortfall' that casts doubt on whether bilked clients will ever see their money back.
In a presentation to creditors publicly released on Thursday, the auditors leading FTX through bankruptcy said they had identified just $2.8 billion in assets towards the $11.6 billion that customers are owed from their accounts.
If that $8.8 billion was used fraudulently, FTX would rank as one of the biggest scams in US history, behind the $78 billion Enron scandal, as well as the $65 billion Bernie Madoff is estimated to have stolen from his clients.
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