FTX Holds $1.1 Billion in SOL and $560 Million in BTC

Now-defunct crypto trade FTX  holds roughly $7 billion in property, together with $1.16 billion price of Solana (SOL) tokens and $560 million in Bitcoin (BTC).

In a Monday court docket submitting, the corporate stated it has managed to safe $1.5 billion in money along with the $1.1 billion it held as of November 11, when it filed for chapter.

Moreover, FTX possesses $3.4 billion price of assorted cryptocurrencies as of August 31, which embrace over 1,300 lesser-known and probably much less liquid tokens, comparable to MAPS and Serum (SRM).

The submitting additionally make clear vital funds made by the corporate to senior executives, together with founder Sam Bankman-Fried, previous to its chapter submitting in November. 

Extra particularly, it revealed that Bankman-Fried and different executives, specifically Nishad Singh, Zixiao “Gary” Wang, and Caroline Ellison, acquired a complete of $2.2 billion in money, crypto, fairness, and actual property within the months previous the chapter. 

This element is important as a result of US regulation permits such funds to be recovered and added to the pool of property obtainable for distribution amongst collectors.

Moreover, the court docket submitting discloses the possession of 38 condos, penthouses, and different properties within the Bahamas with an estimated worth of roughly $200 million.

New FTX Administration Strives to Get better Funds

FTX’s new administration has made efforts to reclaim funds that have been allegedly mismanaged by Bankman-Fried and different executives.

For one, the corporate has tried to recuperate funds donated to politicians and charitable organizations, together with the Metropolitan Museum of Artwork in New York.

Extra just lately, the corporate’s advisers revealed that they’re investigating the opportunity of reclaiming thousands and thousands of {dollars} paid to celebrities, together with Shaquille O’Neal and Naomi Osaka, for his or her endorsements of the platform.

Moreover, FTX has initiated authorized motion towards Kives and his enterprise capital agency, K5, to recuperate the estimated $700 million Bankman-Fried had invested in it. 

The grievance claims that Bankman-Fried was a “profligate patron” who despatched thousands and thousands to Kives, K5 International, and Baum after he attended a social occasion hosted by Kives in 2022.

FTX has sought the return of funds transferred from Alameda Analysis that ended up in SGN Albany Capital and funds transferred from Kives, Baum, and SGN Albany Capital to Mount Olympus Capital.

In the meantime, in an try to repay collectors in money, FTX has sought permission from a New York decide to provoke the sale of its crypto holdings. 

In actual fact, fears that the bankrupt crypto trade could quickly liquidate vital parts of SOL have crashed the token’s worth. 

Various customers have additionally taken to X (previously often known as Twitter) to voice their issues over the upcoming sell-off.

“FTX about to dump $680 mil price of SOL,” wrote one person. 

“SOL goes to dump laborious after FTX sells its bag, going to succeed in 14$ quickly,” said one other person.

Nonetheless, some customers talked about that the chapter plan truly restricts how a lot might be bought off without delay.