FTX, a prominent cryptocurrency exchange, has released presentation materials for its shareholder meeting, shedding light on the company’s current state and progress towards settling its claims. The meeting, scheduled for September 11-12, will address the numerous claims filed against FTX, including those from Genesis, Celsius, and Voyager, amounting to a total of $65 billion. However, it is important to note that some claims, particularly those from FTX Digital Markets and the United States Internal Revenue Service (IRS), are considered invalid or subordinated.
As of August, FTX has received 36,075 customer claims worth $16 billion, with 10% of them already approved. The company’s assets, valued at over $7 billion, consist of digital assets, cash, brokerage investments, venture portfolio, tokens, and real estate. Notably, FTX owns 38 properties in the Bahamas, with a book value of $222 million.
Furthermore, FTX has successfully monetized $588 million in avoidance claims, with an additional $16.6 billion in potential claims identified from investments. The company has also identified more than 50 potential actions against insiders, including individuals such as Sam Bankman-Fried and Nishad Singh, totaling $2.2 billion. Additionally, FTX aims to recoup $86.6 million in political and charitable donations, as well as $190.3 million through potential actions against vendors.
In terms of holdings, FTX has identified approximately $833 million in Bitcoin (BTC) and Ether (ETH), excluding $487 million in BTC- and ETH-denominated securities. The company also holds more than 1,300 other tokens, with Serum (SRM), Maps (MAPS), and Oxygen (OXY) being the largest. The bankruptcy filing reveals that FTX’s venture portfolio was valued at $4.5 billion, and $3.8 billion has been recovered so far. Notably, the majority of funded investments are in equity, with significant holdings in Genesis Digital, Anthropic, and Voyager Digital.
FTX’s recovery plan has attracted the interest of more than 75 potential bidders, who have until September 24 to submit their bids. The confirmation of the recovery plan is anticipated to occur in the second quarter of 2024. There have been speculations that FTX may sell off a significant portion of its cryptocurrency holdings in the near future.
While the presentation materials provide an overview of FTX’s situation, the restricted portion addresses confidential matters such as tax status and updates on ongoing litigation with the United States Department of Justice.
In summary, FTX’s shareholder meeting aims to navigate the complex landscape of claims against the exchange, with the company making progress towards resolving these issues. The presentation materials provide transparency on FTX’s assets, potential avoidance claims, and recovery plan, inviting potential bidders to participate in the relaunch of FTX and FTX US.
Source: [credible source]
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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