The estate of the once-giant cryptocurrency exchange, which filed for bankruptcy in November after collapsing to a bank run, has disclosed assets totaling approximately $7 billion.
According to a recent court filing, the holdings include $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC). The documents also detail billions in payments the firm made to senior executives, including founder Sam Bankman-Fried.
FTX’s collapse came after a bank run was triggered by reports exposing discrepancies concerning its financial statements. John J. Ray III, the newly appointed CEO, has expressed stringent criticisms of the financial controls at FTX.
The filings reveal the company has secured $1.5 billion in cash, in addition to the $1.1 billion it had on November 11. It holds $3.4 billion in crypto, valued at the end of August. This does not factor in their collection of over 1,300 lesser-known tokens, including MAPS and serum (SRM).
Bankman-Fried, along with other senior executives such as Nishad Singh and Caroline Ellison, reportedly received a combined sum of $2.2 billion in various forms – cash, crypto, equity, and real estate – in the months predating FTX’s bankruptcy.
Such transactions bear significance as U.S. legislation might permit the retrieval of these payouts, redirecting them to the pool accessible to creditors. The filing also reveals FTX’s real estate holdings included 38 properties in the Bahamas valued at $200 million.
FTX has sought approval from a New York court to liquidate its crypto assets, so that it can repay its creditors in cash.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.cryptocompare.com/email-updates/daily/2023/sept/12/
- :has
- :not
- $3
- 1
- 11
- 12
- 16
- 2023
- a
- accessible
- addition
- After
- along
- also
- and
- appointed
- approval
- approximately
- AS
- Assets
- At
- AUGUST
- Bahamas
- Bank
- Bank run
- Bankman-Fried
- Bankruptcy
- Bear
- Billion
- billions
- Bitcoin
- BTC
- by
- came
- CAN
- Caroline Ellison
- Cash
- ceo
- Collapse
- collection
- COM
- combined
- company
- controls
- Court
- Court Filing
- creditors
- crypto
- crypto roundup
- crypto-assets
- CryptoCompare
- cryptocurrency
- Cryptocurrency Exchange
- detail
- documents
- does
- Ellison
- end
- equity
- estate
- exchange
- executives
- expressed
- factor
- filed
- Filing
- filings
- financial
- Firm
- For
- forms
- founder
- from
- FTX
- had
- Holdings
- holds
- HTTPS
- iii
- in
- include
- included
- Including
- IT
- ITS
- John
- John J. Ray III
- Legislation
- lesser-known
- liquidate
- made
- Maps
- might
- million
- months
- New
- New York
- New York Court
- newly
- Nishad Singh
- November
- of
- on
- Other
- over
- payments
- payouts
- plato
- Plato Data Intelligence
- PlatoData
- pool
- properties
- RAY
- real
- real estate
- received
- recent
- repay
- Reports
- reveal
- Reveals
- roundup
- Run
- s
- Sam
- Sam Bankman-Fried
- Secured
- senior
- September
- Serum
- significance
- So
- SOL
- Solana
- Solana (SOL)
- sought
- SRM
- statements
- such
- that
- The
- The Bahamas
- their
- Them
- These
- this
- to
- Tokens
- Transactions
- triggered
- u.s.
- valued
- various
- was
- which
- with
- york
- zephyrnet
