FTX debtors report $11.6B in claims, $4.8B in belongings with many crypto holdings ‘undetermined’

by Jeremy

The debtors in FTX’s chapter case hreported the varied firm silos had greater than $4 billion in scheduled belongings as of November 2022, however mentioned they had been nonetheless investigating the agency’s crypto holdings.

In a March 17 submitting with United States Chapter Courtroom for the District of Delaware, FTX debtors submitted a presentation to the committee of unsecured collectors on its Assertion of Monetary Affairs, or SOFAs, which additionally detailed the scheduled belongings and claims of the corporate. In accordance with the submitting, the West Realm Shires silo — which incorporates FTX US and Ledger X — FTX.com, Alameda Analysis, and FTX Ventures had roughly $4.8 billion in scheduled belongings and $11.6 billion in scheduled claims.

The info was primarily based on petitioning financials from the 4 silos in November 2022. In accordance with the report, Alameda held nearly all of the scheduled belongings at roughly $2.6 billion, however ​​had “doubtlessly materials claims which have been filed as undetermined”. FTX.com had greater than $11.2 billion in scheduled claims, however claims from FTX Ventures had been undetermined.

A lot of the info surrounding cryptocurrency holdings or transactions within the debtors’ report was not accessible. The presentation reported $25 million in donations — political and in any other case — from three of the silos, however added “restricted info” was accessible on crypto donations.

Of the crypto-collateralized loans — largely in FTT tokens — made by the FTX firms, debtors reported greater than 53 million tokens together with Bitcoin (BTC), Ether (ETH), XRP, and USD Coin (USDC). Nonetheless, they mentioned “extra tracing of pockets and blockchain exercise stays an ongoing matter”.

An investigation into crypto transactions as a part of funds to FTX firm insiders was additionally reported to be “ongoing”. Former CEO Sam Bankman-Fried obtained greater than $2.2 billion of the funds. 

Associated: FTX influencers face $1B class-action lawsuit over alleged crypto fraud promotion

FTX’s chapter case has been ongoing for the reason that agency filed for Chapter 11 safety in November 2022. As well as, Bankman-Fried faces each legal and civil instances for his involvement in alleged fraudulent actions on the firm.