The bankrupt cryptocurrency exchange, FTX has unveiled assets worth USD $7 billion and billions of dollars in payments made to senior executives, including its Founder, Sam Bankman-Fried. FTX’s financial disclosure, made in a court filing on Monday, preceded Bankman-Fried’s trial which is expected next month.
According to the court document, the company’s assets comprise a mix of cryptocurrencies and real estate holdings. Notably, these assets include a substantial USD $1.16 billion in Solana (SOL) tokens, USD $560 million in Bitcoin (BTC), and USD $200 million worth of real estate holdings in the Bahamas.
FTX’s Controversial Executive Payout
One of the most contentious aspects of FTX’s financial revelation is the disclosure of substantial payments to senior executives in the months preceding thebankruptcy. Founder Bankman-Fried, along with other executives like Nishad Singh, Gary Wang, and Caroline Ellison, allegedly received a staggering USD $2.2 billion in cash, crypto, equity, and real estate.
Besides the digital assets holdings, the court document reveals the company’s extensive real estate portfolio comprising 38 condos, penthouses, and other properties. The fate of these properties, like the rest of FTX’s assets, remains uncertain amid the ongoing bankruptcy proceedings.
Under the leadership of the new CEO, John Ray III, FTX has embarked on a mission to reclaim funds previously donated to politicians and charitable organizations. These efforts include endeavouring to recover donations made to institutions such as the Metropolitan Museum of Art in New York, which has decided to return USD $550,000.
Besides that, FTX is pursuing payments made to high-profile athletes and sports teams as celebrity endorsements. According to a report by Finance Magnates, one of these payments includes the sought-after funds of $750,000 made to the former basketball professional Shaquille O’Neal.
FTX Pursue Payments Made to Celebrities
Additionally, FTX is seeking to recoup more than USD $300,000 and $270,000 paid to the Tennis player Naomi Osaka and the former basketball star David Ortiz, respectively. Many of these celebrities are facing class action lawsuits filed by former FTX's customers whose funds are now caught up in the bankruptcy proceedings.
Besides that, FTX has taken legal action against LayerZero Labs, a cross-chain protocol, seeking the recovery of an investment of $21 million. FTX claims that LayerZero withdrew the funds illegally before FTX collapsed despite being aware of the exchange’s liquidity crisis.
Meanwhile, Ryan Salame, the former Co-CEO of FTX’s Bahamian subsidiary and a close associate of Bankman-Fried, entered a guilty plea last week for making tens of millions of dollars in illegal campaign donations. As part of his plea, Salame has agreed to forfeit more than USD $1.5 billion.
This article was written by Jared Kirui at www.financemagnates.com.
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