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FTX's new management has found assets worth less than 7% of what the bankrupt exchange owes its customers.

In a preliminary analysis prepared for the court, FTX has been able to locate just $694 million worth of "Category A" liquid assets like cash, stablecoins and Bitcoin. It owes customers $10.54 billion.

Which is to say, FTX is short $9.47 billion. It noted:

Other FTX-related companies, most notably Bankman-Fried's private trading firm Alameda Research, owe $13 billion.

Adding in Category B assets of more questionable liquidity and value in the amount of $1.46 billion, the company is about $8.7 billion short.

FTX.US has $190 million in Category A assets and owes $335 million — a shortfall of $116 million. It has no Category B assets.

Since he resigned as CEO, Bankman-Fried has stated a number of times that FTX.US should be about $350 million in the black.

Last week, prosecutors added more charges against him, bringing the total number Bankman-Fried is facing to 12.

On Feb. 28, FTX engineering head Nishad Singh became the third top FTX/Alameda executive to plead guilty to fraud charges and agree to testify against Bankman-Fried. Co-founder Gary Wang and Alameda CEO Caroline Ellison have already pleaded guilty.

Along with everything else, the immediate post-bankruptcy hack saw another $293 million drained from FTX and $139 million from FTX.US, the report noted.

"It has taken a huge effort to get this far," said John Ray III, the CEO and chief restructuring officer of the FTX Debtors in a statement. He added: