FTX Holds $1.16B in SOL, $200M in Bahamas Real Estate, Court Filing Says
By Jack Schickler
AccessTimeIconSep 12, 2023
The company says it paid billions to executives including founder Sam Bankman-Fried before filing for bankruptcy last year.
The estate of bankrupt FTX has marshalled around $7 billion in assets, including $1.16 billion in solana (SOL) tokens and $560 million in bitcoin (BTC), according to a Monday court filing.
The presentation details billions in payments the company – previously one of the world's biggest crypto exchanges – made to senior executives including founder Sam Bankman-Fried, before it filed for bankruptcy in November.
The company collapsed after CoinDesk published revelations concerning the state of its balance sheet last year. New CEO John J. Ray III has berated financial controls at the company, while Bankman-Fried has pleaded not guilty to multiple fraud charges, with a trial due to start next month.
The company has secured $1.5 billion in cash in addition to the $1.1 billion it held on Nov. 11, and also holds $3.4 billion in crypto as valued at Aug. 31, the document said. That’s in addition to hundreds of millions of dollars worth of over 1,300 lesser known and potentially less liquid tokens such as MAPS and serum (SRM).
The presentation also details $2.2 billion in cash, crypto, equity and real estate received by Bankman-Fried and other executives, including Nishad Singh, Zixiao “Gary” Wang and Caroline Ellison, in the months leading up to the bankruptcy. That may be significant because U.S. law allows such payments to be clawed back and added to the stock of assets that can be distributed to creditors.
The filing also reports 38 condos, penthouses and other properties in the Bahamas with an estimated value of around $200 million. The company’s new management has attempted to reclaim funds made as donations to politicians and charitable organizations such as the Metropolitan Museum of Art in New York.
-
1:40
B.C. Begley
1 year agoFTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges
9 -
11:36
Best of the Best: Tech News
1 year ago$2BN of Clients' Money is MISSING from Collapsed Bitcoin Crypto Exchange FTX
15 -
0:57
INANUTSHELL
1 year agoSam Bankman-Fried, FTX’s founder, is arrested in the Bahamas
3 -
2:58
DonnahueGeorge
1 year ago$16.4 M Bahamas house bought with FTX funds was in SBF parents name When indictment?
2 -
1:03:08
Crypto Blood - Daily Crypto News, Analysis and Interviews
1 year agoBREAKING: FTX's Missing Funds Lead Back to Bahamian Regulators! SBF Set Plead NOT GUILTY!
10 -
0:25
Gen Z News
1 year agoMusk on reports of FTX Founder owning a $100 million stake in Twitter: FALSE | #shorts #news
1 -
3:58:38
Law & Lumber
1 year agoFriday Night Frenzy | Citizen Journalist (and Lawyer) Reports on FTX Bankruptcy, SBF Asset Seizures
198 -
13:31
VictorHugoArt
1 year agoFTX Real Estate Partnership E11even Hotel Residences Miami Michael Simkins Sam Bankman Fried Fraud
19 -
2:13
Top Usa NEWS FEEDER
1 year agoFTX founder released on $250 million bail, will live with parents
7 -
2:26
B.C. Begley
1 year agoBahamas Regulators Seize Crypto Assets from FTX Worth $3.5 Billion for ‘Safekeeping’
151