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

The debtors in FTX’s chapter case hreported the varied firm silos had greater than $4 billion in scheduled property as of November 2022, however mentioned they have 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 property 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 property and $11.6 billion in scheduled claims.

FTX Debtors make accessible abstract presentation of the filed Schedules and SOFAs: https://t.co/Lr8PqxTHBt

— FTX (@FTX_Official) March 17, 2023

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

A lot of the information 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 corporations, debtors reported greater than 53 million tokens together with Bitcoin (BTC), Ether (ETH), XRP, and USD Coin (USDC). Nevertheless, they mentioned “further 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 prison and civil instances for his involvement in alleged fraudulent actions on the firm.