Last Updated on March 18, 2023 by Bitfinsider
The debtors in FTX’s bankruptcy case reported that the various company divisions had more than $4 billion in scheduled assets as of November 2022, but they stated that they were still investigating the company’s cryptocurrency holdings.
The summary of financial affairs for FTX, which also included information on the company’s scheduled assets and claims, was presented to the committee of unsecured creditors by the company’s debtors in a document filed with the United States Bankruptcy Court for the District of Delaware on March 17. The West Realm Shires silo, which comprises FTX US, Ledger X, FTX.com, Alameda Research, and FTX Ventures, had approximately $4.8 billion in planned assets and $11.6 billion in scheduled claims as of the filing date.
The information was derived from money petitions from the four silos in November 2022. The bulk of the scheduled assets, valued at about $2.6 billion, belonged to Alameda, but the company also had “potentially material claims that have been filed as undetermined.” FTX.com had planned claims totaling more than $11.2 billion, but FTX Ventures’ claims were still pending.
The debtors’ report contained a lot of information about cryptocurrency holdings and activities that was not entirely accurate. The presentation listed $25 million in contributions from three of the silos, both political and otherwise, but noted that there was “limited information” on cryptocurrency donations.
Debtors reported more than 53 million tokens, including Bitcoin (BTC), Ether (ETH), XRP, and USD Coin, as security for the crypto-collateralized loans made by the FTX companies, which primarily used FTX Token. (USDC). However, they said that “additional tracing of wallet and blockchain activity remains an ongoing matter.”
FTX company insiders were reportedly paid using cryptocurrency, and an inquiry into those transactions was said to be “ongoing.” Sam Bankman-Fried, a former CEO, got more than $2.2 billion of the funds.
Since FTX filed for Chapter 11 protection in November 2022, FTX’s bankruptcy case has been ongoing. In addition, Bankman-Fried faces both criminal and civil charges for his alleged involvement in fraudulent company activities.
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