New Court Filing: FTX Holds $1.1 Billion in SOL and $560 Million in BTC
Now-defunct crypto exchange FTX holds approximately $7 billion in assets, including $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC).
In a Monday court filing, the company said it has managed to secure $1.5 billion in cash in addition to the $1.1 billion it held as of November 11, when it filed for bankruptcy.
Furthermore, FTX possesses $3.4 billion worth of various cryptocurrencies as of August 31, which include over 1,300 lesser-known and potentially less liquid tokens, such as MAPS and Serum (SRM).
The filing also shed light on significant payments made by the company to senior executives, including founder Sam Bankman-Fried, prior to its bankruptcy filing in November.
More specifically, it revealed that Bankman-Fried and other executives, namely Nishad Singh, Zixiao "Gary" Wang, and Caroline Ellison, received a total of $2.2 billion in cash, crypto, equity, and real estate in the months preceding the bankruptcy.
This detail is significant because US law permits such payments to be recovered and added to the pool of assets available for distribution among creditors.
Additionally, the court filing discloses the ownership of 38 condos, penthouses, and other properties in the Bahamas with an estimated value of approximately $200 million.
FTX's new management has made efforts to reclaim funds that were allegedly mismanaged by Bankman-Fried and other executives.
For one, the company has tried to recover funds donated to politicians and charitable organizations, including the Metropolitan Museum of Art in New York.
More recently, the company's advisers revealed that they are investigating the possibility of reclaiming millions of dollars paid to celebrities, including Shaquille O'Neal and Naomi Osaka,
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