The bankrupt FTX empire has gathered approximately $7 billion worth of assets, including $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC), and $119 million worth of XRP.
Furthermore, as indicated in a recent court filing, the company possesses various other crypto assets, with a combined value exceeding $3.4 billion.
According to the official filing, the top executives of FTX, including the founder Sam Bankman-Fried and his close associates, possess assets, cryptocurrencies, and cash totaling $2.2 billion.
These individuals acquired these resources shortly before the cryptocurrency exchange declared bankruptcy.
The document also discloses ownership of 38 condominiums and other real estate holdings in the Bahamas, estimated to be approximately $200 million.
Under new management, the company has made efforts to recover contributions previously made to politicians and charitable institutions, including the Metropolitan Museum of Art in New York.
These funds are of utmost importance for settling the debts owed to creditors. The FTX debtors, led by the current CEO, John Ray, have been in discussions about two potential courses of action.
One option is to revive the exchange and offer equity to creditors as a form of repayment. The alternative entails liquidating the assets to repay creditors, pending court approval, which is expected to be decided this week.
FTX Seeks to Commence Sale of Assets
FTX intends to commence operations involving the sale, staking, and hedging of its significant cryptocurrency assets.
Additionally, they have expressed their intention to enlist the expertise of Mike Novogratz’s Galaxy as an advisory partner, as confirmed in legal documents filed on September 6, 2023.
FTX, which experienced an implosion last November, is interested in reimbursing creditors with fiat currency rather than Bitcoin (BTC) or Ethereum (ETH). However, they are hopeful that cautious trading strategies can safeguard the value of their cryptocurrency holdings, which exceed $3 billion.
The firm’s legal representatives believe, “hedging Bitcoin and Ethereum will enable FTX to minimize potential downside risk before selling these assets.” They also say staking some crypto assets will be of the ultimate benefit to creditors and the estates.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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