From the inception of the FTX.com exchange, FTX has been mixing customer deposits with company funds and wantonly misusing them, according to new court documents. By August 2022, Bankman-Fried, Wang, Singh, and Ellison privately estimate that the FTX.com exchange owes customers more than $8 billion in fiat currency that it cannot repay. To cover up the shortfall, SBF et al. created a fake customer account on FTX.com, which they called "our Korean friend's account." While media attention focused on SBF’s August 2022 estimate of $8.9 billion in cash liabilities reflected in the “Korean Friend” fake account, estimates by SBF et al. were even higher. For example, in March 2022, former Alameda Research co-CEO Caroline Ellison estimated in a private note that FTX.com alone had a cash deficit of more than $10 billion.