Bankrupt Crypto Exchange FTX has $7 Billion in Assets

Bankrupt Crypto Exchange FTX has $7 Billion in Assets

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.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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