FTX Debtors Share Evidence On Crypto Assets Acquired Thus Far

Jan. 17, 2023
FTX Debtors Share Evidence On Crypto Assets Acquired Thus Far

FTX Trading, along with its associated companies, referred to as the FTX Debtors, has released information about the specific crypto assets they have discovered as part of their efforts to recoup funds from the failed crypto exchange and its related companies, as per the Report posted on Tuesday.

According to the FTX Debtors, approximately half of the identified digital assets are already under their control. However, The other half of the identified digital assets were moved to unauthorized third parties after FTX filed for bankruptcy. And were handed over to the Securities Commission of the Bahamas in the case of FTX.com.

The FTX Debtors have announced that they have identified a total of approximately $5.5 billion in liquid assets, which includes $1.7 billion in cash, $3.5 billion in crypto assets and FTT tokens, and $300 million in securities.

The FTX Debtors have confirmed that, there is a “significant deficit” at both FTX.com and FTX US. Specifically, they have identified $1.6 billion worth of digital assets associated with FTX.com.

Efforts to Enhance Recovery

John J. Ray III, CEO and CRO of FTX Debtors said:

We are making significant progress in our efforts to maximize recoveries, and it has taken a great investigative effort from our team to uncover this preliminary information. However, this information is still subject to change.

Furthermore, the FTX Debtors have stated that out of the $1.6 billion in digital assets associated with FTX.com. After the bankruptcy filing, $323 million were transferred to unauthorized third parties.

Related Reading | SEC Charges Over Gemini, Genesis Earn Program Latest Shot At Crypto Lending

In addition, Out of $1.6 billion, $426 million were moved to secure storage under the Securities Commission of the Bahamas. Of these assets,$742 million are in secure storage under the FTX Debtors. And $121 million are pending transfer to secure storage under the FTX Debtors.

Furthermore, FTX US Debtors have identified approximately $181 million in digital assets associated with FTX US. Of these assets, $90 million were transferred to unauthorized third parties after the bankruptcy filing. Secure storage has $88 million under the control of the FTX Debtors. And $3 million are awaiting transfer to secure storage under the control of the FTX Debtors.

Ammar Raza

Associate editor
Ammar Raza is an individual with a strong interest in the world of cryptocurrency. He has written extensively on topics such as non-fungible tokens, decentralized apps, and blockchain technology. In addition, he is passionate about collaborating with innovative companies to drive meaningful change.

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