FTX liquidation team plans to sell 35 properties in the Bahamas to pay off SBF luxury debt

The bankruptcy team of cryptocurrency exchange FTX plans to sell 35 properties located in the Bahamas, according to court documents filed on Tuesday. The properties were where FTX employees and senior management lived and worked while working in The Bahamas. However, since FTX declared bankruptcy in November 2022, they have now decided to sell these properties to pay off their debts.

It is understood that the FTX bankruptcy liquidation team plans to sell a series of real estate assets, including the high-profile luxury apartment Orchid Penthouse. This apartment has been shared by FTX founder Sam Bankman-Fried (SBF) and FTX executives Gary Wang, Nishad Singh and Caroline Ellison.

FTX lawyers pointed out that the selling price of real estate must reach more than 80% of the designated broker’s valuation. For real estate sold for more than $5 million, reports must be made to the U.S. Trustee, the attorney for the committee of creditors, and interested parties with legal claims to the real estate.

According to filings last year, FTX owned 38 properties in the Bahamas with a total value of $199 million. Proceeds from the sale of these properties will be used to repay FTX’s customers. According to previous reports, FTX owes users a total of $8.7 billion in assets.

The FTX bankruptcy liquidation team announced in December last year that it had reached a global settlement agreement with FTX Digital Markets and planned to integrate the assets of both parties to fairly distribute customer compensation funds.

FTX liquidator’s previously proposed compensation plan was approved

FTX submitted a revised restructuring plan to the court on December 26 last year, hoping to estimate customers’ cryptocurrency assets based on the U.S. dollar. Claim amount. They sought to estimate the value at a "fair and reasonable" value on November 11, 2022, the date of bankruptcy, a move that immediately sparked the wrath of creditors.

Because in the application documents, the fair and reasonable values ​​of the main currencies are as follows:

BTC is US$16,871, and it is tentatively reported at US$46,460 at the time of writing, with an increase of 175.9% so far

ETH1 , 258 US dollars, and it was tentatively reported at 2,616 US dollars at the time of writing, with an increase of 107.77% so far. The increase so far has reached 171.43%

All parties in the bankruptcy case must file objections before January 11, and a hearing on the matter is scheduled for January 25.

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