• FTX’s total assets have been disclosed in a new court filing, totaling roughly $5B of transactions under review.
• Of these assets, $1.6B were crypto assets, $1.9B were attributed to Alameda between hot wallets and BitGo custody, and $181M were recovered from FTX US tied to BitGo custody accounts.
• The largest illiquid holding was Serum (SRM), with a value of $1.9 billion, followed by SOLETH and MAPS at $561 million and $521 million respectively.
FTX.com, a cryptocurrency exchange, recently had their total assets revealed in a new court filing, totaling roughly $5 billion of transactions under review. Of these assets, $1.6 billion were crypto assets, with the largest illiquid holding being Serum (SRM), with a value of $1.9 billion. This was followed by SOLETH and MAPS at $561 million and $521 million respectively.
Alongside the crypto assets, $1.9 billion were attributed to Alameda between hot wallets and BitGo custody, and $181 million were recovered from FTX US tied to BitGo custody accounts. This was in addition to the $90 million that was ‚hacked‘ by an insider alleged to be SBF, though he denied this accusation in Twitter Spaces prior to his arrest.
Due to the disparity between the $1.6 billion in crypto assets and the $5.5 billion in total assets recovered by FTX Debtors, a shortfall was declared by the investigators. This included a significant amount of the MAPS tokens, with FTX holding 15% of the total market cap of the project. This has meant that offloading the MAPS tokens would likely have a detrimental effect on the project’s market cap, making it difficult and risky for FTX to liquidate these assets.
Ultimately, this court filing has shed light on the assets held by FTX, revealing a significant amount of illiquid tokens as well as a shortfall in assets. It remains to be seen how FTX will resolve this issue and what the effects of liquidating the illiquid assets will be.