FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, filed for Chapter 11 bankruptcy protection in November 2022 following allegations of fraudulent activity. In a recent filing with the United States Bankruptcy Court for the District of Delaware, FTX debtors reported more than $4 billion in scheduled assets across various company silos as of November 2022.
The report submitted to the unsecured creditors’ committee detailed the company’s anticipated assets and claims. The West Realm Shires silo, which includes FTX US and Ledger X, FTX.com, Alameda Research and FTX Ventures, had approximately $4.8 billion in scheduled assets and $11.6 billion in scheduled claims.
According to the filing, Alameda Research had most scheduled assets at approximately $2.6 billion. However, the report noted that the company had “potentially significant claims that have been presented as indeterminate,” suggesting that the true value of Alameda’s assets could be even higher.
FTX.com had more than $11.2 billion in scheduled claims, but FTX Ventures’ claims were not determined. The report also revealed that data related to cryptocurrency holdings or transactions was limited. While borrowers reported more than 53 million loans secured with FTX tokens, including Bitcoin, Ether, XRP, and USD Coin, they stated that “additional tracking of wallet and blockchain activity remains an ongoing matter.” .
The debtors’ report also noted that an investigation into crypto transactions as part of FTX company insider payments was ongoing. Former FTX CEO Sam Bankman-Fried received more than $2.2 billion of the payments, according to the report.
In addition to the bankruptcy case, Bankman-Fried faces criminal and civil cases for its alleged involvement in fraudulent activities at the company.
News of the FTX bankruptcy and subsequent investigations have raised concerns about the transparency and security of the cryptocurrency industry. However, the company’s scheduled assets of more than $4 billion suggest that FTX was a major player in the crypto market, and ongoing investigations will shed more light on the company’s operations and dealings.