FTX Unveils $1.6B in Solana and $560M in Bitcoin

Posted on September 19, 2023

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Bankrupt cryptocurrency exchange FTX has unveiled USD $7 billion in assets and billions of dollars in payouts to senior executives, including its Founder, Sam Bankman-Fried. FTX’s financial disclosure, filed in court on Monday, comes ahead of Bankman-Fried’s trial expected next month.

According to court documents, the company’s assets consist of a mix of cryptocurrency and real estate holdings. Specifically, these assets include USD $1.16 billion worth of Solana (SOL) tokens, USD $560 million worth of Bitcoin (BTC), and USD $200 million worth of real estate holdings in the Bahamas.

One of the most controversial aspects of FTX’s financial disclosures was the disclosure of large payments to senior executives in the months prior
bankruptcy

Bankruptcy

Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. A business and a person can declare bankruptcy. When a person or company declares bankruptcy, it is called involuntary bankruptcy, and when your debtors force you into bankruptcy, it is called involuntary bankruptcy. Voluntary bankruptcy occurs when a debtor or borrower, the party who is owed money, goes to court. Involuntary bankruptcy occurs when your credit card petitions the company

Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. A business and a person can declare bankruptcy. When a person or company declares bankruptcy, it is called involuntary bankruptcy, and when your debtors force you into bankruptcy, it is called involuntary bankruptcy. Voluntary bankruptcy occurs when a debtor or borrower, the party who is owed money, goes to court. Involuntary bankruptcy occurs when your credit card petitions the company
Read these Terms. Founder Bankman-Fried, along with other executives such as Nishad Singh, Gary Wang, and Caroline Ellison, allegedly received USD $2.2 billion in cash, crypto, equities, and real estate.

In addition to digital asset holdings, court documents reveal the company’s extensive real estate portfolio consisting of 38 condominiums, penthouses and other properties. The fate of this property, like other FTX assets, remains uncertain amid the ongoing bankruptcy process.

Under the leadership of new CEO, John Ray III, FTX has embarked on a mission to recover funds previously donated to politicians and charitable organizations. These efforts include attempts to recover donations made to institutions such as the Metropolitan Museum of Art in New York, which has decided to return USD $550,000.

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Additionally, FTX also makes payments to famous athletes and sports teams as celebrity endorsements. According to a Finance Magnates report, the most sought after fund is $750,000 payment

Payment

One of the basic means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become an important part of modern commerce, although the players involved and means of exchange have changed dramatically over time. Specifically, the party making the payment is referred to as the payer, and the payee reflects the individual or entity receiving the payment. payment. Most common

One of the basic means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become an important part of modern commerce, although the players involved and means of exchange have changed dramatically over time. Specifically, the party making the payment is referred to as the payer, and the payee reflects the individual or entity receiving the payment. payment. Most common
Read these Terms created for former professional basketball player Shaquille O’Neal.

FTX Chases Payments Made to Celebrities

Additionally, FTX seeks to recover more than USD $300,000 and $270,000 paid to tennis player Naomi Osaka and former basketball star David Ortiz respectively. Many of these celebrities are facing class action lawsuits filed by former FTX customers whose funds are now trapped in bankruptcy proceedings.

Additionally, FTX has taken legal action against LayerZero Labs, a cross-chain protocol, seeking recovery of its $21 million investment. FTX claims that LayerZero withdrew funds illegally before FTX collapsed despite being aware of the exchange’s liquidity crisis.

Meanwhile, Ryan Salame, the former Co-CEO of FTX’s Bahamas subsidiary and a close associate of Bankman-Fried, entered a guilty plea last week to making tens of millions of dollars in illegal campaign contributions. As part of his plea, Salame has agreed to forfeit more than USD $1.5 billion.

Bankrupt cryptocurrency exchange FTX has unveiled USD $7 billion in assets and billions of dollars in payouts to senior executives, including its Founder, Sam Bankman-Fried. FTX’s financial disclosure, filed in court on Monday, comes ahead of Bankman-Fried’s trial expected next month.

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According to court documents, the company’s assets consist of a mix of cryptocurrency and real estate holdings. Specifically, these assets include USD $1.16 billion worth of Solana (SOL) tokens, USD $560 million worth of Bitcoin (BTC), and USD $200 million worth of real estate holdings in the Bahamas.

One of the most controversial aspects of FTX’s financial disclosures was the disclosure of large payments to senior executives in the months prior
bankruptcy

Bankruptcy

Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. A business and a person can declare bankruptcy. When a person or company declares bankruptcy, it is called involuntary bankruptcy, and when your debtors force you into bankruptcy, it is called involuntary bankruptcy. Voluntary bankruptcy occurs when a debtor or borrower, the party who is owed money, goes to court. Involuntary bankruptcy occurs when your credit card petitions the company

Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. A business and a person can declare bankruptcy. When a person or company declares bankruptcy, it is called involuntary bankruptcy, and when your debtors force you into bankruptcy, it is called involuntary bankruptcy. Voluntary bankruptcy occurs when a debtor or borrower, the party who is owed money, goes to court. Involuntary bankruptcy occurs when your credit card petitions the company
Read these Terms. Founder Bankman-Fried, along with other executives such as Nishad Singh, Gary Wang, and Caroline Ellison, allegedly received USD $2.2 billion in cash, crypto, equities, and real estate.

In addition to digital asset holdings, court documents reveal the company’s extensive real estate portfolio consisting of 38 condominiums, penthouses and other properties. The fate of this property, like other FTX assets, remains uncertain amid the ongoing bankruptcy process.

Under the leadership of new CEO, John Ray III, FTX has embarked on a mission to recover funds previously donated to politicians and charitable organizations. These efforts include attempts to recover donations made to institutions such as the Metropolitan Museum of Art in New York, which has decided to return USD $550,000.

Read More  On-Chain Activity Surges To Unprecedented Heights

Additionally, FTX also makes payments to famous athletes and sports teams as celebrity endorsements. According to a Finance Magnates report, the most sought after fund is $750,000 payment

Payment

One of the basic means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become an important part of modern commerce, although the players involved and means of exchange have changed dramatically over time. Specifically, the party making the payment is referred to as the payer, and the payee reflects the individual or entity receiving the payment. payment. Most common

One of the basic means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become an important part of modern commerce, although the players involved and means of exchange have changed dramatically over time. Specifically, the party making the payment is referred to as the payer, and the payee reflects the individual or entity receiving the payment. payment. Most common
Read these Terms created for former professional basketball player Shaquille O’Neal.

FTX Chases Payments Made to Celebrities

Additionally, FTX seeks to recover more than USD $300,000 and $270,000 paid to tennis player Naomi Osaka and former basketball star David Ortiz respectively. Many of these celebrities are facing class action lawsuits filed by former FTX customers whose funds are now trapped in bankruptcy proceedings.

Additionally, FTX has taken legal action against LayerZero Labs, a cross-chain protocol, seeking recovery of its $21 million investment. FTX claims that LayerZero withdrew funds illegally before FTX collapsed despite being aware of the exchange’s liquidity crisis.

Meanwhile, Ryan Salame, the former Co-CEO of FTX’s Bahamas subsidiary and a close associate of Bankman-Fried, entered a guilty plea last week to making tens of millions of dollars in illegal campaign contributions. As part of his plea, Salame has agreed to forfeit more than USD $1.5 billion.

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