[fddhjjj]

> To Doug's point the junk tokens are likely at book value on their balance sheet

The linked article in turn links to coin desk which writes

>> Also, token values may be low. In a footnote, Alameda says “locked tokens conservatively treated at 50% of fair value marked to FTX/USD order book.”

That suggests to me the unlocked coins are on the balance sheet at market value and the locked at a 50% haircut.