Cryptocurrency exchange FTX is smoothly gliding towards a crucial juncture. As elucidated in its recent presentation reported by Cointelegraph, the shareholder meeting planned for September 11th-12th promises a rational assessment of the company’s state and its gradual stride towards settlement.
The meet will open with a revisit to over 2,300 non-customer claims filed against FTX, with claimants including Genesis, Celsius and Voyager. These claims amount to a staggering $65 billion. Interestingly, FTX Digital Market’s claims are labelled redundant and the behemoth claim from the Internal Revenue Service, making up $43.5 billion, is projected to be subordinated. This signifies a visible ambiguity associated with their stand.
Completing the breakdown, as of August, over 36,000 customer claims worth $16 billion have been registered against FTX and FTX US, of which a steady 10% have reached settlement. An impressive portfolio boosts FTX’s stability, its assets, which include digital assets, cash, brokerage investments, tokens and real estate, scale up to $7 billion. A boon is its real estate chunk- FTX lays claim to 38 properties in the Bahamas worth $222 million.
FTX’s avoidance initiatives have already produced $588 million from investments. The company further eyes a $16.6 billion reservoir of identified potential avoidance claims. An additional probe uncovers possible action against 50 supposed “insiders” which could unravel a neat $2.2 billion haul. However, this undertaking adds the component of uncertainty, given the need for successful executions of claims.
The presentation discloses about $833 million in BTC and ETH assets, not considering $487 in BTC- and ETH-denominated securities. A fascinating fact surfaces with the company’s dealings in over 1,300 tokens, showcasing the dynamism of FTX.
In the quest of resurrection, FTX has already touched base with over 75 potential traders to relaunch the exchange. They have until September 24th to place bids. Predictions for the recovery plans hitting a firm ground and realization of claims stand for 2024. Whispers are that FTX may offload a chunk of its crypto holdings, suggesting potential transitions in the market landscape.
On one hand, the company’s robust portfolio and resolved claims so far build its case, on the other, the pile of pending claims and potential avoidance maneuvers add a note of concern for the investors, creating a captivating landscape to observe.
Source: Cointelegraph
