[ad_1]
FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, filed for Chapter 11 bankruptcy protection in November 2022 following allegations of fraudulent activity. In a recent filing with the United States Bankruptcy Court for the District of Delaware, debtors FTX reported over $4 billion in scheduled assets in the company’s various silos as of November 2022.
The report submitted to the unsecured creditors committee details the scheduled assets and claims of the company. The West Realm Shires silo, which includes FTX US and Ledger X, FTX.com, Alameda Research, and FTX Ventures, has approximately $4.8 billion in scheduled assets and $11.6 billion in scheduled claims.
According to the filing, Alameda Research holds the majority of scheduled assets of around $2.6 billion. However, the report notes that the company has “possible material claims that have been filed as undetermined,” suggesting that the true value of Alameda’s assets could be much higher.
FTX.com has over $11.2 billion in scheduled claims, but FTX Ventures’ claims are undetermined. The report also reveals that data around cryptocurrency ownership or transactions is limited. While debtors report over 53 million FTX Token collateralized loans, including Bitcoin, Ether, XRP, and USD Coin, they state that “additional tracking of wallet and blockchain activity remains an ongoing issue.”
The debtor report also notes that an investigation into crypto transactions as part of payments to FTX company insiders is ongoing. The former CEO of FTX, Sam Bankman-Fried, received more than $2.2 billion in payments, according to the report.
In addition to the bankruptcy case, Bankman-Fried is also facing criminal and civil cases for his alleged involvement in fraudulent activities at the company.
The news of the FTX bankruptcy and subsequent investigation have raised concerns about the transparency and security of the cryptocurrency industry. However, the company’s scheduled assets of over $4 billion indicate that FTX is a significant player in the crypto market, and ongoing investigations will shed more light on the company’s operations and transactions.
[ad_2]
Source link
