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FTX Detailed Recovery Plan Released – Executives Could Borrow Billions from Customers with No Collateral – $250 Million in Bahamas Property Purchased

The FTX bankruptcy court has released a detailed recovery plan to maximize billions in customer and stakeholder recoveries.  

Those overseeing FTX have provided a document that they claim might materially change that lists the assets the company has in place currently.

The Executive Summary shows $5.5 billion of liquid assets located.

As noted above, FTX Debtors have uncovered the mechanics behind how Alameda Research had the ability to borrow without collateral effectively unlimited amounts from customers and how a small group of individuals had the ability to remove digital assets from the exchange without being recorded on the exchange ledger.

They might have used some of this to purchase around $250 million in properties in the Bahamas.

 

See the filing below:

Maximizing FTX Recoveries by Jim Hoft on Scribd

Hat tip Bob Bishop

The post FTX Detailed Recovery Plan Released – Executives Could Borrow Billions from Customers with No Collateral – $250 Million in Bahamas Property Purchased appeared first on The Gateway Pundit.