A swift plunge in value of FTX’s key crypto assets, along with unauthorized withdrawals of funds after it filed for bankruptcy, suggests that customers of the once popular exchange face a slim chance of recovering much of their deposits.

A breakdown of the balance sheet of Sam Bankman-Fried’s exchange shared with investors a day before its bankruptcy filing shows that it had nearly $9 billion in liabilities and $900 million in liquid assets, $5.5 billion in “less liquid” assets, and $3.2 billion in “illiquid” assets, according to sources familiar with the matter who viewed a limited version of information. Most of the biggest holdings, including lower-profile cryptocurrencies Serum, Solana and FTT, have since plunged in value.

Speaking at a conference in Indonesia on Saturday, Binance CEO Changpeng Zhao (CZ) thinks that the FTX collapse has severely damaged the crypto space, setting it back years.

Critics of CZ might argue that he should have thought of that before he triggered what was in effect a bank run on FTX.

“I think basically we’ve been set back a few years now. Regulators rightfully will scrutinise this industry much, much harder, which is probably a good thing to be honest.” said CZ

Solana, which has, up until now, had a close relationship with FTX, is seeing selling pressure in its SOL token continue to increase, down another 7% today to $13.98.(BY Yueqi Yang、Gary McFarlane)