Creditors in the FTX bankruptcy case reported that the company’s various silos have assets scheduled to exceed $4 billion as of November 2022, but said they are still investigating the company’s crypto holdings.
In a March 17 filing with the United States Bankruptcy Court for the District of Delaware, the FTX debtors submitted a presentation to the committee of unsecured creditors regarding the Statement of Financial Affairs, or SOFA, which also details the company’s scheduled assets and claims. According to the filing, 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.
Debtor FTX provides a summary of the proposed Schedule and SOFA presentation: https://t.co/Lr8PqxTHBt
– FTX (@FTX_Official) March 17, 2023
The data is based on the financial petition of the four silos in November 2022. According to the report, Alameda holds the majority of scheduled assets of approximately $2.6 billion, but has “material potential claims that have been submitted are not determined”. FTX.com has more than $11.2 billion in scheduled claims, but the claim from FTX Ventures is unspecified.
Much of the data on cryptocurrency holdings or transactions in debt reports is not available. The presentation reported $25 million in donations – political and otherwise – from three silos, but added “limited information” was available on crypto donations.
Of the crypto-collateralized loans – mostly in FTT tokens – made by the FTX company, the loan reported more than 53 million tokens including Bitcoin (BTC), Ether (ETH), XRP, and USD Coin (USDC). However, he said “additional tracking of wallets and blockchain activity remains an ongoing issue”.
Investigations into crypto transactions as part of payments to FTX company insiders are also reported to be “ongoing”. Former CEO Sam Bankman-Fried received a payout of more than $2.2 billion.
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FTX’s bankruptcy case has been ongoing since the company filed for Chapter 11 protection in November 2022. In addition, Bankman-Fried faces criminal and civil charges for her involvement in fraudulent activities at the company.