FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, filed for Chapter 11 bankruptcy protection in November 2022 following allegations of fraudulent activities. 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 committee of unsecured creditors detailed the scheduled assets and claims of the company. The West Realm Shires silo, which includes FTX US and Ledger X, FTX.com, Alameda Research, and FTX Ventures, had roughly $4.8 billion in scheduled assets and $11.6 billion in scheduled claims.
According to the filing, Alameda Research held the majority of scheduled assets at approximately $2.6 billion. However, the report noted that the company had “potentially material claims that have been filed as undetermined,” suggesting that the actual value of Alameda’s assets could be even higher.
FTX.com had over $11.2 billion in scheduled claims, but claims from FTX Ventures were undetermined. The report also revealed that the data surrounding cryptocurrency holdings or transactions was limited. While the debtors reported more than 53 million FTX Tokens collateralized loans, including Bitcoin, Ether, XRP, and USD Coin, they stated that “additional tracing of wallet and blockchain activity remains an ongoing matter.”
The debtors’ report also noted that an investigation into crypto transactions as part of payments to FTX company insiders was ongoing. The former CEO of FTX, Sam Bankman-Fried, received more than $2.2 billion of the payments, according to the report.
In addition to the bankruptcy case, Bankman-Fried is facing both criminal and civil cases for his alleged involvement in fraudulent activities at the company.
The news of FTX’s bankruptcy and subsequent investigations have raised concerns about the transparency and security of the cryptocurrency industry. However, the company’s scheduled assets of over $4 billion suggest that FTX was a significant player in the crypto market, and the ongoing investigations will shed more light on the company’s operations and dealings.
This article has been originally published at: https://blockchain.news/news/ftx-debtors-report-over-4-billion-in-scheduled-assets