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Bankrupt Crypto Exchange FTX has $7 Billion in Assets

Bankrupt Crypto Exchange FTX has $7 Billion in Assets

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83 Listen to this article NASSAU, BAHAMAS – Recent court filings have revealed that the beleaguered crypto exchange FTX possesses […]

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NASSAU, BAHAMAS – Recent court filings have revealed that the beleaguered crypto exchange FTX possesses a staggering $7 billion in assets. This includes 38 Bahamian properties valued at $199 million, shedding light on the scale of wealth tied up in the company’s assets.

The details were made public ahead of a creditor meeting set for Monday. The documentation discloses that the Bahamian assets of FTX encompass 15 properties located in Albany Marina Residences, which alone are valued at $151 million. Additionally, five other properties amount to $34 million. FTX Digital Markets JPLs, in association with PwC, estimated these properties to have a book value of $222 million, with their worth ranging between $185 million to $214 million.

Furthermore, the court papers confirmed that FTX holds a substantial amount of cryptocurrency: $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC).

The crypto behemoth, now mired in a significant financial controversy, started liquidating assets after declaring bankruptcy in November of the previous year. The filing indicates that close to $2.6 billion in cash has already been secured.

FTX, previously headquartered in The Bahamas, came under the spotlight when its chief, Bankman-Fried, was arrested in December 2022. He was later charged in relation to his handling of the FTX exchange, which faced a liquidity crunch, culminating in its bankruptcy.

Prosecutors claim that Bankman-Fried misused customer funds and provided misleading information to investors about FTX’s risk management strategies. This alleged deception led to substantial monetary losses for both investors and regular customers.

Read Also:  Binance.US CEO Brian Shroder Resigns

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