FTX’s Total Customer Deposits Fall Below Balance!
The post FTX’s Total Customer Deposits Fall Below Balance! appeared first on Coinpedia Fintech News
FTX’s customer deposits have fallen below its balance, according to an investigation by the University of Notre Dame’s accounting professor, Peter Easton. The investigation revealed that FTX’s acquisitions of Modulo Capital and investments in SkyBridge Capital and crypto miner Genesis Digital Assets were funded using client funds. As of June 2022, FTX had only $2 billion to support over $11 billion in customer deposits, raising concerns about the exchange’s financial stability. The findings highlight the potential risks of investing in cryptocurrency and the importance of conducting due diligence before making any investments.
