• Home
  • Police & Regulations
  • FTX's Holdings: $1.16 Billion in SOL and $200 Million in Bahamas Real Estate, According to Court Documents

FTX's Holdings: $1.16 Billion in SOL and $200 Million in Bahamas Real Estate, According to Court Documents

Police & Regulations
Sep 12, 2023 at 09:23 am

FTX, formerly a prominent player in the cryptocurrency exchange arena, has faced a significant reversal of fortunes. The latest court documentation discloses that the assets held by the bankrupt company's estate have reached an estimated $7 billion. Noteworthy among these holdings are approximately $1.16 billion in solana (SOL) tokens and around $560 million in bitcoin (BTC).

The filing provides insight into substantial payments disbursed by the company to senior executives, particularly its founder, Sam Bankman-Fried, prior to the filing for bankruptcy in November. This financial turbulence came to light following revelations about the company's financial condition, which were reported by Bitsday.

John J. Ray III, the newly appointed CEO, has voiced concerns about the financial management within the company. Meanwhile, Bankman-Fried, who has entered a plea of not guilty to multiple fraud charges, is scheduled to face trial next month.

According to the filing, the company has been successful in securing $1.5 billion in cash, in addition to the $1.1 billion it held on November 11. Furthermore, as of August 31, the company currently holds $3.4 billion in cryptocurrency assets. Alongside well-known tokens such as SOL and BTC, the company also maintains a substantial investment in over 1,300 lesser-known tokens. This diversity may potentially pose liquidity challenges.

The filing doesn't shy away from detailing the substantial sums, approximately $2.2 billion, provided to Bankman-Fried and other key executives, including Nishad Singh, Zixiao "Gary" Wang, and Caroline Ellison, in the months leading up to the bankruptcy. This holds significant weight, as U.S. law allows for the retrieval of such payments to augment the pool of assets available for distribution to creditors.

Furthermore, the filing outlines a diverse real estate portfolio, comprising 38 condos, penthouses, and other properties in the Bahamas, collectively valued at an estimated $200 million. The new management of FTX has been diligently working to reclaim funds that were previously donated to politicians and charitable institutions, including the Metropolitan Museum of Art in New York.

In a move aimed at facilitating the reimbursement of creditors, FTX has sought approval from a New York judge to begin the process of selling off its cryptocurrency assets for cash. This strategic step represents a crucial milestone in the company's endeavors to navigate through its current financial challenges.

Read more about

Related News

Sign up for daily crypto news in your inbox

Get crypto analysis, news and updates right to your inbox! Sign up here so you don't miss a single newsletter.