A new lawsuit revealed that bankrupt crypto exchange FTX holds nearly $7 billion in funds, including a huge amount of crypto assets.
FTX was a popular crypto exchange until a report from the Coindesk media appeared to the public about the financial position of the FTX exchange and its sister firm Alameda Research. In November 2022, the FTX exchange filed for Chapter 11 bankruptcy along with 120 subsidiaries, including Alameda Research. Led by John Ray III, the current FTX team is in the process of recovering all FTX client funds that were unethically sent to the friends and relatives of FTX’s co-founder.
According to the new archived filing in court on September 11, 2023, FTX’s current leadership team confirmed that the FTX exchange has brought FTX’s balance to $7 billion to date. The holdings include $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC).
The document showed that the company held nearly $1.5 billion in cash on top of the $1.1 billion it held as of Nov. 11, and also held another $3.4 billion in cryptocurrency. The value of the crypto assets listed on behalf of the trading price recorded on August 31.
According to the court, the current leadership of the FTX is seeking court approval to recover FTX clients’ money from 38 condos, penthouses and other properties in the Bahamas with an estimated value of approximately $200 million.
Recently, the FTX exchange team discussed legal action against all those sports stars who were paid money for promoting the FTX exchange.
In recent days, the majority of crypto traders talked about the crypto fund positions of the FTX exchange. According to reports, the FTX exchange is seeking regulatory approval to sell all its crypto assets.
FTX reportedly owns almost $1 billion worth of Solana (Sol) coins for sale alone and this news created a very strong selling pressure on the crypto market.
Also read: PayPal unveiled a plan to add new crypto features