After declaring bankruptcy, FTX's self-rescue plan failed because of troubled assets.

CTOnews.com, December 6 (Xinhua) according to the Wall Street Journal, Sam Bankman-Fried, the former CEO of FTX, a cryptocurrency trading platform that declared bankruptcy, said that when it was difficult to raise cash at the beginning of last month, FTX seized billions of dollars worth of collateral from Alameda Research, the trading arm, and tried to use the collateral to convince investors of its financial health.

Us media pointed out that the value of many of the collateral does not match the book value. A large portion of these assets are four encrypted tokens and are closely related to Sam Bankman-Fried and FTX employees, most of which are held by Alameda.

According to market data and some cryptocurrency researchers, the value of these tokens may be much lower than the $6.4 billion (about 44.608 billion yuan) that FTX marked on its balance sheet to attract investors for a bailout.

The document dated Nov. 10 lists four tokens seized from Alameda as assets, according to an interview by Bankman-Fried on Friday and documents seen by the Wall Street Journal. Market data and the FTX balance sheet show that the value of these tokens had fallen by about half in less than a week.

CTOnews.com learned that FTX announced on November 11 that it had initiated bankruptcy proceedings in the United States. FTX said in a statement that CEO Sam Bankman-Fried has resigned but will remain at the company to assist in an orderly transition. In addition, John Ray has been appointed as FTX's new CEO.