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Debtors behind FTX identified $5.5 billion in liquid assets, but reported a “substantial digital asset deficit” at the bankrupt crypto exchange and its US arm.

In a Jan. 17 announcement, FTX said it had identified $1.7 billion in cash, $3.5 billion in crypto assets and $0.3 billion in securities following the company’s Chapter 11 bankruptcy filing in November. Debtors added that they have identified approximately $1.6 billion in digital assets associated with FTX.com – of which approximately $426 million is held by the Bahamas Securities Commission – and $181 million connected to FTX US.

“We are making significant progress in our efforts to maximize recoveries, and it took a Herculean investigative effort from our team to uncover this preliminary information,” said FTX CEO John Ray. “We ask our stakeholders to understand that this information is still preliminary and subject to change. We will provide additional information as soon as we are able to do so.”

The debtors added that of the $1.6 billion associated with FTX.com, they controlled $742 million in assets in cold storage and an additional $121 million would be available, pending the transfer. From FTX US, debtors held $88 million in cold storage, including $3 million awaiting transfer.

FTX’s bankruptcy case, currently pending in the District of Delaware, unveiled in November that the company owed over $3 billion to its top 50 creditors – there could be over a million creditors with claims over assets on the crypto exchange. Legal proceedings from January suggested that FTX had “recovered $5 billion in cash and liquid cryptocurrencies,” but the company could still have up to $8.8 billion in total liabilities.

“Based on current estimates of the amount of digital assets associated with the FTX.com and FTX US exchanges as of the date of the petition, there is a substantial deficit of digital assets on both exchanges,” the debtors said.

Related: Former FTX US President Takes Out ‘Insecure’ SBF in 49-Part Twitter Thread

Former FTX CEO Sam Bankman-Fried, who posted a “pre-mortem preview” of the insolvency of the crypto exchange on January 1. 12, claimed that FTX US was “fully solvent” and able to make its users whole. He added at the time that if FTX International were to “reboot”, it might be possible for the exchange to refund customers with assets in hand. Bankman-Fried faces eight criminal charges in the FTX case, including for alleged violations of campaign finance laws and wire fraud.