What is the fate of the FTX platform ?

Debtors in the FTX bankruptcy case reported that the company had more than $4 billion worth of assets as of November 2022 but is still investigating its holdings.

In a March 17 filing with the United States Bankruptcy Court for the District of Delaware, FTX's debtors made a presentation to the creditors' committee on its Statement of Finances (SOFAs), which outlined the company's scheduled assets and claims.

According to the filing, the FTX group, which includes FTX US & Ledger X, FTX.com, Alameda Research and FTX Ventures, had approximately $4.8 billion in scheduled assets and $11.6 billion in scheduled claims.

According to the November 2022 report, Alameda retained most of the scheduled assets of approximately $2.6 billion, but had material claims that were presented as unspecified.

FTX.com had more than $11.2 billion in claims scheduled.

The debtors reported $25 million in political donations, but noted that limited information was available on cryptocurrency contributions.

Additionally, they said that more than 53 million coins, including bitcoin, have been loaned by FTX companies using cryptocurrency-secured loans.

They noted that tracking of wallet and other blockchain activities is still in progress.

Crypto transactions made as part of payments to FTX insiders are being investigated, with former CEO Sam Bankman Fried receiving more than $2.2 billion.

Since the company filed for Chapter 11 bankruptcy protection in November 2022, the FTX case has been ongoing and “Sam Bankman Fred” faces numerous criminal and civil charges in connection with his alleged fraudulent activity at the company.

Posted using Tribaldex Blog