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.
FTX has asked a New York judge for permission to start selling off its crypto holdings, so that it can return funds to creditors in cash.
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Source: Vietnam Insider