FTX liquidators play ‘Storage Wars’ in hunt for saleable assets

Bound to hit the market soon are a half a million dollars worth of office furniture and equipment and 13 storage units in the Bahamas full of FTX’s “physical goods.”

Although there’s little chance of unearthing rare valuables, those office items and whatever is in the storage units will soon be up for grabs. That’s according to a report from liquidators tasked with digging through the bankrupt crypto exchange’s leftover assets.

The list of assets also includes $2.4 million in vehicles, of which the report dryly notes “there is no longer a need for the company to maintain the current fleet size.”

They are looking to sell them as soon as possible in order to avoid the depreciation of their value.

Also coming to market will be whatever’s inside the company’s head office in the Bahamas, which had its locks changed and is secured on site.

The company had a total of $219.5 million in cash in banks as of Nov. 10, the report said. The list included Fidelity Bank, Silvergate Bank, Deltec Bank and Moonstone Bank, in addition to other institutions whose names were left out as liquidators seek to recover those funds.

Liquidators have also asked for the transfer of $46.7 million in USDT held in an account in the name of FTX Digital and are waiting for Tether to transfer them into their custody, the report said.

In total, the company had $1.2 billion in assets at the end of October of last year, the report said.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.

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