Breakdown of current FTX assets shows $3.5B in crypto, $250M in real estate Breakdown of current FTX assets shows $3.5B in crypto, $250M in real estate
FTX's total assets have been disclosed in a new court filing including roughly $5B of transactions under review
2 min read
Updated: Jan. 17, 2023 at 10:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Recently released court findings have revealed that FTX.com had $1.6 billion in crypto assets at the time of the bankruptcy petition.
However, the total value of all assets recovered by FTX Debtors came to $5.5 billion, including cash, crypto, and illiquid securities.
As $5.5 billion in total assets were recovered with only $1.6 billion linked to FTX.com, a shortfall was declared by the investigators. In addition, roughly $1.9 billion in crypto was attributed to Alameda between hot wallets and BitGo custody.
A further $181 million was recovered from FTX US tied to BitGo custody accounts alongside the $90 million that was ‘hacked’ by an insider alleged to be SBF. SBF denied this accusation in Twitter Spaces prior to his arrest.
A slide from the deck revealed all crypto assets held by FTX which were deemed ‘illiquid.’ The largest holding of such tokens was Serum (SRM), with a value of $1.9 billion. The next most significant holdings were SOLETH and MAPS at $561 million and $521 million, respectively.
While these holdings were deemed ‘illiquid’ by the investigators, several tokens have active trading volumes. However, with $521 million in MAPS tokens, FTX held 15% of the total market cap of the project. Therefore, offloading the MAPS tokens would severely impact the market value of MAPS.
In the slide below, investigators further disclosed a list of real estate properties owned by FTX. In addition, 36 properties throughout the Bahamas were acquired through FTX funds for a total of $253 million in value.
The properties ranged from exclusive penthouse accommodation to villas valued at up to $12.9 million. As detailed throughout the investigation, many of these properties are alleged to have been personal premises.
The document also confirmed that several transactions are currently “under review,” including $93 million of political donations, the $2.1 billion payment to Binance for FTT tokens, $2 billion in insider loans, $446 million in transfers to Voyager, an investment of $400 million from Modulo Capital, and a large number of Robinhood shares.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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FTX US Derivatives
FTX US Derivatives is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC).
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.