Debtors in FTX’s bankruptcy case said various corporate silos had more than $4 billion in projected assets by November 2022, but said they were still investigating the firm’s cryptocurrency holdings.
In a March 17 filing in the U.S. Bankruptcy Court for the District of Delaware, FTX debtors submitted a presentation to the committee of unsecured creditors about its statement of financial affairs, or SOFA, which also detailed the company’s projected assets and liabilities. The West Realm Shires silo — which includes FTX US and Ledger X — FTX.com, Alameda Research and FTX Ventures had roughly $4.8 billion in scheduled assets and $11.6 billion in scheduled claims, according to the filing.
The FTX Debtors make available a summary presentation of the submitted Schedules and SOFAs: https://t.co/Lr8PqxTHBt
— FTX (@FTX_Official) March 17, 2023
The figures were based on requests for financial data from the four forces in November 2022. Alameda held most of the roughly $2.6 billion in planned assets, but had “potentially significant claims that were filed as undetermined,” according to the report. FTX.com had more than $11.2 billion in scheduled claims, but the claims from FTX Ventures were not determined.
Much of the data on cryptocurrency holdings or transactions was not available in the debtors’ report. The presentation listed $25 million in donations — political and otherwise — from the three forces, but he added that “limited information” was available on cryptocurrency donations.
Of the cryptocurrency-backed loans – mostly in FTT tokens – made by FTX companies, borrowers reported more than 53 million tokens, including Bitcoin (BTC), ether (ETH), XRP and USD Coin (USDC). However, they said “further monitoring of wallet and blockchain activity remains an ongoing matter.”
Investigating crypto transactions as part payments to FTX insiders was also reported as “in progress”. Former CEO Sam Bankman-Fried received more than $2.2 billion in payments.
Related: FTX Influencers Face $1 Billion Class Action Lawsuit for Allegedly Promoting Crypto Scams
The FTX bankruptcy case has been ongoing ever since filed for Chapter 11 protection in November 2022. Additionally, Bankman-Fried faces both criminal and civil charges for her involvement in alleged fraudulent activities at the company.