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FTX’s Asset Odyssey: Cryptos, Claims, and the Road to Revival

FTX’s Asset Odyssey: Cryptos, Claims, and the Road to Revival

FTX Group, the crypto platform facing some financial hurdles, just spilled the beans on its assets. Here’s the lowdown:

Non-Customer Claims: More than 2,300 non-customer claims were thrown at FTX, totaling over a whopping $379 billion as of June 30, 2023. After sifting out claims that were seen as bogus or over-the-top, we’re left with non-customer claims worth $56 billion.

Customer Claims: Fast forward to August 24, 2023, there were around 36,075 customer claims amounting to a cool $16 billion filed against FTX and FTX.US. However, only about 10% of the total customer claims have been given the green light.

Crypto Assets: FTX’s crypto assets tally up to approximately $3.4 billion as of August 31, 2023. The top ten crypto assets in FTX’s possession include Solana (SOL) worth $1.16 billion, Bitcoin (BTC) at $560 million, and Ether (ETH) with a price tag of $192 million.

Other Assets: Besides crypto, FTX has other assets like cold hard cash, totaling $2.6 billion, broker investments worth $529 million, and properties in the Bahamas valued at $199 million.

Identified Claims: Currently, FTX is on the hunt for potential claims amounting to around $16.6 billion that have been identified. They’ve already received about $588 million from their treasure claims, with additional investments of roughly $5.3 billion in the investigation pipeline.

Actions Against Insiders: FTX has also identified over 50 potential actions amounting to $2.2 billion against company insiders, including former company executives.

Political and Charitable Contributions: There’s a chance FTX could recoup around $86.6 million in political and charitable contributions.

Venture Investment Portfolio: FTX boasts a venture investment portfolio worth around $4.5 billion, encompassing 438 investments. Out of that sum, approximately $3.78 billion has been successfully recovered.

All these assets are part of FTX’s recovery plan, with the potential launch of FTX 2.0 expected in Q2 2024. 🔥💰 #Crypto #FTX #Assets #Financials

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