Bankrupt cryptocurrency exchange FTX has revealed a “massive shortfall” in its digital asset and fiat currency holdings with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US. 

On Mar. 2 the exchange released a presentation showing FTX had $2.2 billion in exchange wallets and fiat accounts of which $694 million consisted of the most liquid “Category A Assets” that include cash, stablecoins, Bitcoin (BTC) and Ether (ETH) priced at the latest spot prices.

Only $191 million of total assets were located in the wallets of the accounts associated with FTX US, in addition to $28 million of customer receivables and $155 million of related party receivables.

FTX wallets showed a $9.3 billion net borrowing by the exchanges sister trading firm Alameda Research and a $107 million net payable to Alameda from FTX US.

FTX recorded surpluses across its less liquid “Category B Assets” that included its own FTX Token (FTT) but the holdings are insignificant compared to the deficits on its other held assets.

In total FTX recorded an $8.6 billion deficit across all wallets and accounts while FTX US recorded a deficit of $116 million.

Related: FTX Japan allows total withdrawal of funds — users rejoice the ‘escape’

John J. Ray III, the chief restructuring officer and CEO of FTX, said in a Mar. 2 statement the presentation is the second in a “series” as it continues to “uncover the facts of this situation” and added:

“It has taken a huge effort to get this far. The exchanges’ assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent.”

On Feb 28, former FTX engineering director, Nishad Singh pleaded guilty to charges of wire fraud along with wire and commodities fraud conspiracy.

Singh’s plea follows a number of Bankman-Fried’s close associates reportedly agreeing to cooperate with U.S. prosecutors in recent months.