FTX Filed for Bankruptcy


FTX Filed for Bankruptcy

In a court filing, the now-defunct crypto exchange FTX discloses that it has more than $7 billion in assets, including $1.16 billion worth of Solana tokens and $560 million in Bitcoin.

The company also reveals that it paid large amounts of money to its executives prior to its bankruptcy filing.

Most notably, Bankman-Fried received a total of $2.2 billion in cash, crypto, equity, and real estate during the period leading up to the exchange’s bankruptcy.

In an effort to recover funds mismanaged by former executives, FTX tries to reclaim donations to political and charitable institutions, as well as the millions of dollars paid to celebrities such as Shaquille O’Neal and Naomi Osaka for their endorsements of the platform.

It also takes legal action against Kives and his venture capital firm K5 to recover the estimated $700 million Bankman Friedrich invested in the exchange.

Finally, it seeks to sell some of its crypto holdings

#shorts #techshorts #technews #tech #technology #FTX Holds #Kives #founder Sam Bankman-Fried

๐Ÿ‘‹ Feeling the vibes?

Keep the good energy going by checking out my Amazon affiliate link for some cool finds! ๐Ÿ›๏ธ

If not, consider contributing to my caffeine supply at Buy Me a Coffee โ˜•๏ธ.

Your clicks = cosmic support for more awesome content! ๐Ÿš€๐ŸŒˆ


Leave a Reply

Your email address will not be published. Required fields are marked *