The FTX debtors have concluded that there is a "substantial shortfall" of digital assets at FTX's US and international exchanges, but adds that they have discovered about $5.5 billion of liquid assets, including $1.7 billion in cash, on the books of the collapsed cryptocurrency exchange, they said in a statement released yesterday.

The FTX debtors, which makes up FTX Trading Ltd. and affiliated debtors, outline in the statement just how much was removed from FTX through unauthorized transfers. The debtors have concluded that the assets discovered represent "substantially less" than FTX's books suggest should be held by the company.

With respect to FTX.com, the FTX debtors have identified approximately $1.6 billion of digital assets associated with FTX.com as of the petition date, $323 million of which was subject to unauthorized third-party transfers post-petition, $426 million of which was transferred to cold storage under the control of the Securities Commission of The Bahamas, $742 million of which is in cold storage under the control of the FTX debtors, and $121 million of which is pending transfer to cold storage under the control of the FTX debtors," the statement explained.

"With respect to the FTX US exchange, the FTX debtors have identified approximately $181 million of digital assets associated with FTX US as of the petition date, $90 million of which was subject to unauthorized third-party transfers post-petition, $88 million of which is in cold storage under the control of the FTX debtors, and $3 million which is pending transfer to cold storage under the control of the FTX debtors."

Last month, after the Securities Commission of The Bahamas (SCB) revealed it had moved FTX assets to its own wallet for safe keeping, it pegged the value of those assets at $3.5 billion. Shortly after, the debtors suggested the value was closer to $296 million. Now they contend the number is $426 million.

The statement explained that the FTX debtors' top management and advisors met recently with the Official Committee of Unsecured Creditors (UCC) to share preliminary information with the group. In order to increase creditor participation, section 1102 of the US Bankruptcy Code requires the appointment of a committee of unsecured creditors. The committee ordinarily consists of the persons, willing to serve, who hold the seven largest unsecured claims.

"A presentation was used in the meeting with the UCC, which the FTX debtors will file on the docket in the Chapter 11 cases today," said the statement.

"The presentation highlights that approximately $5.5 billion of liquid assets have been identified, comprised of $1.7 billion of cash, $3.5 billion of crypto assets and $0.3 billion of securities.

"The presentation also provides details with respect to the assets and property of the FTX debtors, including cash, digital assets, investment securities, real estate, investments, businesses and other property."

Chief Executive Officer and Chief Restructuring Officer of the FTX debtors John Ray III warned in the statement that the information is preliminary and subject to change.

"We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information," said Ray.

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