FTX Has A Secret $7B Crypto Treasure Trove: Here Are The Details

Beleaguered crypto exchange FTX FTT/USD amassed assets totaling approximately $7 billion. This includes an impressive stash of $1.16 billion in Solana SOL/USD tokens and $560 million in Bitcoin BTC/USD, according to court documents.

FTX's assets don't just stop at these notable cryptocurrencies.

These revelations have sent shockwaves across the cryptocurrency sector, a topic likely to be addressed at the upcoming Benzinga's Future of Digital Assets conference.

A court document sheds light on the massive payments FTX made to its top-tier executives, one of whom is its co-founder, Sam Bankman-Fried, prior to its bankruptcy declaration in November 2022. By the end of the month, the company had consolidated $1.5 billion in cash, in addition to the $1.1 billion it had as of Nov. 11.

As of Aug. 31, 2023, FTX's crypto assets were valued at $3.4 billion.

This portfolio also includes a myriad of lesser-known tokens such as MAPS MAPS/USD and Serum SRM/USD, collectively worth hundreds of millions.

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A crucial aspect of the court document revolves around the distribution of $2.2 billion in varied assets, including cash, crypto, equity and real estate.

These assets were distributed to leading figures at FTX, including Bankman-Fried, Nishad Singh, Zixiao Wang and Caroline Ellison, right before the company declared bankruptcy.

Further intrigue stems from the documentation's revelation about FTX's real estate assets.

It mentions 38 luxurious properties, including condos and penthouses situated in the Bahamas, collectively appraised at an estimated $200 million.

In a turn of events, FTX's current management has been actively trying to recover funds previously donated to political figures and prestigious institutions, such as New York's Metropolitan Museum of Art.

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