FTX, a major cryptocurrency exchange, has filed a Statement of Financial Statements (SOFA) report with the U.S. Bankruptcy Court in Delaware on March 17.

The report disclosed the company’s assets and liabilities, with debtors making claims worth $11.6 billion, with assets valued at about $4.8 billion.

The West Realm Shires group, comprising FTX US, Ledger X, FTX.com, Alameda Research and FTX Ventures, holds $4.8 billion in assets, according to the filing. However, many crypto assets remain “uncertain” and there is “limited information” about cryptocurrency donations.

The debtor reported more than 53 million crypto-collateralized loan tokens, mostly FTT tokens, including Bitcoin, Ethereum, XRP, and USDC. However, they said, “additional tracking of wallet and blockchain activity remains an ongoing issue.”

The FTX filing also included a list of the 20 largest unsecured creditors, with Tether Holdings Limited topping the list with $69 million in claims. Other major unsecured creditors include Coinbase ($5.5 million), Binance ($3.8 million), and CryptoQuant ($2.1 million).

The company filed for Chapter 11 bankruptcy on March 10, citing regulatory and operational difficulties as reasons for its financial woes. FTX has vowed to work closely with its creditors to resolve the matter fairly and as quickly as possible.

The bankruptcy filing sent shockwaves through the cryptocurrency industry, with many investors expressing concerns about the long-term viability of cryptocurrency exchanges.

While FTX remains optimistic about its future, industry experts warn that the bankruptcy filing could lead to increased regulatory scrutiny and further consolidation in the industry.

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Filed under: Bitcoin - @ March 18, 2023 3:03 pm