- The assets of the bankrupt FTX Exchange, according to a court filing made on Monday, consist of approximately $7 billion in assets.
- The new CEO, John J. Ray III, criticized the company’s financial controls, while Sam Bankman-Fried claimed to be innocent of multiple fraud charges.
- The application also includes 38 residences, penthouses, and other properties in the Bahamas, estimated to be worth around $200 million.
Today’s court filings have updated FTX Exchange’s Bitcoin and cryptocurrency assets; What cryptocurrencies are in the exchange’s portfolio?
FTX’s Crypto Assets Revealed!
The assets of the bankrupt FTX Exchange, according to a court filing made on Monday, consist of approximately $7 billion in assets. Among these assets are $1.16 billion worth of Solana (SOL) tokens and $560 million worth of Bitcoin (BTC). Additionally, the exchange holds $192 million worth of Ethereum (ETH) assets.
BREAKING: Current assets of #FTX exchange have been published in court files!
$1,162,000,000 $SOL
$560,000,000 $BTC
$192,000,000 $ETH pic.twitter.com/Efng6dMcOw— CO NEWS (@coinotagen) September 11, 2023
The presentation details billions of dollars in payments made to top executives, including founder Sam Bankman-Fried, before the company filed for bankruptcy. FTX Exchange collapsed last year after making disclosures about its financial condition. The new CEO, John J. Ray III, criticized the company’s financial controls, while Sam Bankman-Fried claimed to be innocent of multiple fraud charges, and a trial expected to begin next month.
The document states that the company had $1.1 billion on hand as of November 11, in addition to an additional $1.5 billion in cash and $3.4 billion worth of cryptocurrency valued as of August 31. This includes assets with a value in the hundreds of millions of dollars, excluding lesser-known and potentially less liquid tokens like MAPS and Serum (SRM).
Real estate assets also come to light
The presentation also details $2.2 billion in cash, cryptocurrencies, stocks, and real estate that Bankman-Fried and other executives received before the bankruptcy. This could be significant because, under U.S. laws, such payments can be clawed back and added to the assets that can be distributed to creditors.
The application also includes 38 residences, penthouses, and other properties in the Bahamas, estimated to be worth around $200 million. The new management of the company has been trying to recover donations made to politicians and charities such as the Metropolitan Museum of Art in New York.
