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HomeCrypto NewsMarketNew Court Document Shows Ripple to Claim Over $11M Worth of FTX Assets

New Court Document Shows Ripple to Claim Over $11M Worth of FTX Assets

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A new court document shared by popular XRP proponent @WKahneman shows that Ripple Singapore would claim a whopping $11.4 million worth of FTX assets.

In a startling development, prominent XRP community member @WKahneman recently shared a document highlighting Ripple Labs’ exposure to FTX’s assets.

Ripple Has a Claim of $11.4M

According to the document, Ripple Labs Singapore Pte. Ltd, the Singapore arm of top U.S. crypto payments company Ripple, will claim $11,403,976 ($11.4 million) from bankrupt crypto exchange FTX.

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Although the document was initially released in a court filing on December 7, @WKahneman called attention to it in a tweet yesterday.

Other FTX Claimants

Interestingly, the document also featured other prominent names in the list of claimants, including Shaquille O’Neal, an iconic NBA superstar of the Los Angeles Lakers.

Per speculation, the living legend representing himself and his company, ABG-Shaq, LLC, might have secured a $750,000 endorsement deal from the former leading exchange.

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Despite this speculation, O’Neal’s claim to FTX assets remains unknown at the time of writing this line. Furthermore, the document also mentioned Avalanche (BVI), Inc., a company affiliated with the leading blockchain platform Avalanche (AVAX), as one of the claimants in the FTX case.

Notably, the document did not indicate the value of Avalanche’s claim. It is interesting to note that Ripple Singapore Pte. Ltd has the largest disclosed sum of all entities listed as claimants to FTX’s assets. 

Commenting on the development, @WKahneman pointed out that Ripple Singapore is making the claim against Alameda Research, a sister company of FTX.

Recent Developments in FTX Case

The FTX saga has continued to attract the attention of crypto investors, as new facts are released on a weekly basis. Last week, Jameson Lopp, the CTO at Casa, revealed that FTX now owes more funds to lawyers handling its bankruptcy case than the amount owed to its customers.

As reported earlier, while FTX bankruptcy fees stood at $1.45 billion, customers’ shortfall was valued at around $1.42 billion. Although most FTX-related news has been disappointing for customers, news of the exchange’s Solana (SOL) holdings surging to $6 billion recently put smiles on the faces of many.

Recall that the exchange’s holding of 55.8 million SOL plunged to $1 billion earlier this year following a devastating collapse of SOL price. With SOL surging to over $95 last week, FTX’s SOL holdings skyrocketed to around $6B.

At press time, SOL was changing hands at $113, while FTT, the native token of FTX, was trading at $3.68.

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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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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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