The collapse and bankruptcy of the cryptocurrency company FTX continues to be one of the biggest stories of the month, the year, and possibly the decade. A new report sheds light on how bad the finances may have been FTX before filing for bankruptcy.

What happened: Once valued at $32 billion, FTX is now valued at almost nothing filing for bankruptcy this week. The bankruptcy filing came after the company saw a pending takeover of parts of its business by competitor Binance fall through.

FTX had $900 million in cash and $8.9 billion in liabilities before filing for bankruptcy, according to a report by FTX financial times. Total assets listed in the report were $9.6 billion. One asset listed in the report was a $2.2 billion cryptocurrency serum SRM/USD.

Among the assets on the balance sheet that were the most liquid for FTX were shares of Robinhood Markets HOOD valued at $470 million, property connected by FTX CEO Sam Bankman Fried.

Bankman-Fried was interested in selling its stake in Robinhood and approached Dealmaker through messaging app Signal, according to the report. The Robinhood shares are now owned by Emergent Fidelity, which was not listed in the bankruptcy filing.

According to the report, Bankman-Fried was ready to sell Robinhood shares for around $9, compared to a market price of $10.47 at Friday’s close.

Another reported liquid asset was $200 million in cash.

The bankruptcy filings showed the number of assets and liabilities ranging from $10 billion to $50 billion and more than 100,000 total creditors. Included in the $8.9 billion in liabilities is $5.1 billion.

Related link: What will happen to all the companies that FTX bought

Why it matters: The high level of liabilities could explain the offer price binance reported this week. blocks reported that Binance offered $1 to purchase FTX before walking away. Binance was also rumored to have set a condition for it wanted to…