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FTX Has Millions Worth of Physical Assets in Bahamas: FTX Liquidators

  • The liquidators announced that they would begin liquidating certain FTX Digital physical assets after receiving approval from the Supreme Court of the Bahamas. 

  • This process marks a significant milestone in the company's dissolution.

  • Numerous employees of FTX who were still working there while bankruptcy proceedings were ongoing are not known.

  • The corporation no longer has physical offices and instead operates in the metaverse.

FTX Has Millions Wor

After receiving permission from the Bahamas' supreme court, 

The liquidators declared they would "commence disposals" of some physical assets owned by FTX Digital.

The Joint Provisional Liquidators (JPLs) of FTX Digital Markets, the firm's subsidiary in the Bahamas, have released a report on the company's physical assets in the island nation.

According to an affidavit filed by a PricewaterhouseCoopers partner with the Bahamas' Supreme Court on February 8th, the JPLs revealed that FTX had purchased 52 properties in the Bahamas, including units in the name of individual employees or relatives of SBF, despite FTX Digital providing the funding. These properties, which included housing for FTX employees and commercial office space, were worth a staggering $255 million and were purchased by an FTX subsidiary.

The JPLs also identified a fleet of vehicles used by FTX's employees around the island, worth approximately $2.4 million, $500,000 worth of office furniture and computer equipment, and 13 leased storage units whose contents still need to be assessed. The liquidators stated that they would commence disposals following approval from the Bahamas' Supreme Court.

FTX Digital management accouts

It is still unclear where many of the individuals employed by FTX are currently working. FTX CEO John Ray stated in bankruptcy court on February 6th that the company no longer had physical offices and was instead operating in the metaverse, which may have been referring to the company's headquarters rather than its local subsidiaries.

According to the JPL report : 

“Most employees were no longer reporting to the FTX Digital office in The Bahamas for work. Many of the key employees of FTX Digital were expatriates who had moved to The Bahamas on employment visas, and it was later discovered that many of them had left the country around the time of the appointment.”

The report followed the FTX debtors' announcement on January 6th that they had reached an agreement with FTX Digital to liquidate or dispose of assets connected to the Bahamas' subsidiary. On November 12th, the Supreme Court of the Bahamas ordered all FTX Digital digital assets to be transferred to a wallet controlled by the Securities Commission of the Bahamas, just one day after FTX had filed for bankruptcy in the United States.

Bankruptcy proceedings for FTX are currently underway in the U.S. Bankruptcy Court for the District of Delaware. On February 8th, the presiding judge ruled that the FTX debtors were authorized to issue subpoenas to certain individuals, including Bankman-Fried and his immediate family. This ruling marks a significant milestone in the ongoing bankruptcy proceedings, as the debtors now have the power to investigate the financial dealings of those involved.

Also, Read - SEC's FTX Probe Timing Questioned by House Committee

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