Case 22-11068-JTD

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IN THE UNITED STATES BANKRUPTCY COURTFOR THE DISTRICT OF DELAWARE
In re:

Chapter 11

FTX TRADING LTD., et al., 1

Case No. 22-11068 (JTD)

Debtors.

(Jointly Administered)

NOTICE OF PRESENTATION TO STAKEHOLDERS
PLEASE TAKE NOTICE that, on November 11, 2022 and November 14, 2022, theabove-captioned debtors and debtors-in-possession (collectively, the “Debtors”), filed voluntary
petitions for relief under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101, etseq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware(the “Court”).
PLEASE TAKE FURTHER NOTICE that, on December 15, 2022, the Office of theUnited States Trustee (the “U.S. Trustee”) filed the Notice of Appointment of Committee ofUnsecured Creditors [D.I. 231], and on December 20, 2022, the U.S. Trustee filed the Amended
Notice of Appointment of Committee of Unsecured Creditors [D.I. 261], forming the Official
Committee of Unsecured Creditors (the “Committee”).
PLEASE TAKE FURTHER NOTICE that, on December 27, 2022, certain customers(the “Customer Group”) filed the Adversary Complaint for Declaratory Judgment and Violationsof Common Law [Adv. Pro. No. 22-50513, D.I. 1].
PLEASE TAKE FURTHER NOTICE that, on August 9, 2023, the Verified Second
Supplemental Statement of Eversheds Sutherland (US) LLP and Morris, Nichols, Arsht, & Tunnell
LLP Pursuant to Bankruptcy Rule 2019 [D.I. 2144] was filed on behalf of an ad hoc committee ofinternational customers whose members hold accounts on the FTX.com platform (the “AHC”).
PLEASE TAKE FURTHER NOTICE that, on September 11, 2023, the Debtors
provided a presentation (the “Presentation”) to the Committee, AHC and Customer Group, a copyof which is attached hereto as Exhibit A.

1

The last four digits of FTX Trading Ltd.’s and Alameda Research LLC’s tax identification number are 3288 and4063 respectively. Due to the large number of debtor entities in these Chapter 11 Cases, a complete list of the
Debtors and the last four digits of their federal tax identification numbers is not provided herein. A complete listof such information may be obtained on the website of the Debtors’ claims and noticing agent at
https://restructuring.ra.kroll.com/ftx. The principal place of business of Debtor Emergent Fidelity Technologies
Ltd is Unit 3B, Bryson’s Commercial Complex, Friars Hill Road, St. John’s, Antigua and Barbuda.

{1368.002-W0072400.}

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PLEASE TAKE FURTHER NOTICE that copies of the Presentation and otherpleadings filed in the above-captioned Chapter 11 Cases may be obtained free of charge from thewebsite maintained by the Debtors’ noticing and claims agent at https://cases.ra.kroll.com/FTX.
You may also obtain copies from the Court’s website at www.deb.uscourts.gov for a fee.
Dated: September 11, 2023
Wilmington, Delaware

LANDIS RATH & COBB LLP/s/ Matthew R. Pierce
Adam G. Landis (No. 3407)
Kimberly A. Brown (No. 5138)
Matthew R. Pierce (No. 5946)
919 Market Street, Suite 1800
Wilmington, Delaware 19801
Telephone: (302) 467-4400
Facsimile: (302) 467-4450
E-mail: landis@lrclaw.com
brown@lrclaw.com
pierce@lrclaw.com-andSULLIVAN & CROMWELL LLP
Andrew G. Dietderich (admitted pro hac vice)James L. Bromley (admitted pro hac vice)
Brian D. Glueckstein (admitted pro hac vice)
Alexa J. Kranzley (admitted pro hac vice)
125 Broad Street
New York, NY 10004
Telephone: (212) 558-4000
Facsimile: (212) 558-3588
E-mail: dietdericha@sullcrom.com
bromleyj@sullcrom.com
gluecksteinb@sullcrom.com
kranzleya@sullcrom.com
Counsel for the Debtors and Debtors-in-Possession{1368.002-W0072400.}2

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Exhibit A

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CONFIDENTIAL

Stakeholder Update Materials
Prepared for Creditor Meeting on September 11-12, 2023

In re FTX Trading LTD., et al., Case No. 22-11068 (JTD)Case 22-11068-JTD

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Disclaimer
Limitations of Report
This report and the information contained herein (the “Report”) has been prepared solely for use by FTX Trading Ltd. (d.b.a. FTX.com), andapproximately 101 additional affiliated companies (together, the “Company”) based on instructions given by the Company to Sullivan & Cromwell(“S&C”), Alvarez & Marsal North America, LLC (“A&M”) and Perella Weinberg Partners (“PWP” and together with S&C and A&M, the “Debtors’
Advisors”).
The limiting conditions, assumptions and disclaimers set forth herein are an integral part of this Report, must be reviewed in conjunction herewith,and may not be modified or distributed separately.
The preliminary Information included herein reflects and/or is based upon financial and other information provided to the Debtors’ Advisors by theCompany, including management, staff, contract staff and other advisors of the Company, as well as other sources. The Debtors’ Advisors haverelied upon, and assumed, without independent verification, the accuracy and completeness of such information, and make no representation or
warranty as to the accuracy or completeness of, and otherwise assumes no liability with respect to, the Report or upon which the Report is based.
The Debtors’ Advisors are not responsible to any party, in any way, for any analysis contained in this Report or for the future financial or operational
performance of any recipient or any affiliated company.
In the event this Report contains or involves prospective financial or forward-looking information, this information was prepared by the Company’s
management and our work did not constitute an examination, compilation or agreed-upon procedures in accordance with standards established by
the American Institute of Certified Public Accountants, and the Debtors’ Advisors express no assurance of any kind on such information. Further,
the work involved did not include a detailed review of any transactions, and cannot be expected to identify errors, irregularities or illegal acts,
including fraud or defalcations that may exist. Accordingly, the Debtors’ Advisors cannot and do not express an opinion or any other form ofassurance on, and assumed no responsibility for, the accuracy or correctness of the historical information or the completeness and achievability ofthe projected financial data, information and assessments upon which the Report is presented.
Further, any references to estimated ranges of collateral values or cash flow recoveries included in this Report are preliminary in nature, subject tomaterial change and not valuations of any kind. Rather, estimates have been necessary to include herein, and are based upon the limited financial
information as provided or made available by the Company, available market information and various assumptions and are provided for
informational purposes only. References to values of any cryptocurrencies or other digital assets are approximate and subject to material change.
It is expected that there will be differences between estimated and actual results, because events and circumstances frequently do not occur as
expected, and those differences may be material. Accordingly, no representation or warranty is made as to, and the Debtors’ Advisors take no
responsibility for, the achievability of any estimated recovery results described in this Report. Accordingly, the Debtors’ Advisors are not responsible
to any party, in any way, for the future financial or operational performance of any recipient of the Report or any affiliated company.
Further, this Report will be subject to further work, revisions and other factors which means that this version may be substantially different from any
final report or advice issued.
The Report does not constitute a recommendation as to what action, if any, any person should take with respect to any claims and/or securities, nordoes the Report constitute a recommendation regarding the accounting, tax, financial, legal or regulatory aspects of any proposed or possible
outcome of the Company’s restructuring.
2

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Disclaimer (cont’d)
No Third Party RelianceThis preliminary Report and any related informational updates are provided only in connection with the purpose of a public case update in respect ofwhich the services are being provided. In no event, regardless of whether consent has been provided, shall the Debtors’ Advisors assume any
responsibility, liability or duty of care to any claimholder, person or entity other than the Company (“Third Party”) to which any this preliminary
information is disclosed or otherwise made available. This Report does not necessarily take account of those matters or issues which might be of
relevance to any Third Parties and any Third Party is responsible for conducting its own investigation with respect to the Report and any relatedtransactions or activities. The Debtors’ Advisors make no representations or warranties, express or implied, to any Third Party on which any suchparty may rely with respect to the Information, including without limitation, as to accuracy or completeness, the inclusion or omission of any facts orinformation, or as to its suitability, sufficiency or appropriateness for the purposes of any such party.

3

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Day 1 Agenda – Briefings

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September 11, 2023
Agenda Item

Page

ScheduleA

Claims Overview
 Non-Customer Claims Overview
 Claims Portal Update

6

9:30AM – 10:30AMB

Estate Assets Overview

9

10:30AM – 11:30AMC

Preference & Other Avoidance Overview

18

11:30AM – 12:30PM

Unrestricted Briefing

Break for Lunch

12:30PM – 1:30PM

D

Digital Assets & Venture Investments

22

1:30PM – 2:30PM

E

Other Process & Timeline Updates

34

2:30PM – 3:30PM

Restricted Briefing
Tax Updaten/a

DOJ Restitution Updaten/aOutbound Litigation Updaten/aGPreliminary Plan Financial Analysis & Sensitivities

n/a

4:30PM – 6:00PMH

UCC & Ad Hoc Views on Draft Plan Terms

n/a

6:00PM – 7:00PM

F

3:30PM – 4:30PM

4

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Day 2 Agenda – Discussions

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September 12, 2023
Agenda Item

Schedule

Unrestricted Session
Stakeholder Feedback on Open Plan Issues

9:30AM – 12:00PM

Break for Lunch

12:00PM – 1:00PM

Restricted Session
Other Term Sheet Issues

1:00PM – 4:30PM

5

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A. Claims Overview

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A. Claims Overview

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Non-Customer Claims Overview
Since the passage of the non-customer bar date on June 30, 2023, over 2,300 non-customer claims have been
filed for over $379B. Removal of $313B of duplicates1 results in $65B of remaining non-customer claims, including:2

FDM$2.0 Billion
Litigation Claims$4.1 Billion
Litigation & Preference Claims$9.2 Billion
Assumed to be invalid / redundant

Misc.
ClaimsFraudFraud/ Theft

14%$2.4 Billion

6%
3%
4%
2%
2%

Contracts
Contracts/ /503(b)(9)503(b)(9)$1.4 Billion

Loans Payable
PayableLoans$1.1 Billion$43.5 Billion
Assumed to be subordinated67%$0.6 Billion (1%)
Contract Claim

Equity Claims
AllOtherOther
All$0.4 Billion (1%)$0.3 Billion (0.4%)
1.
2.

Current adjustments reflect a preliminary analysis to remove what appear on their face to be duplicative claims, claims that are amended and superseded by later filed claims and certain adjustments toselected unliquidated claims. This analysis is preliminary, incomplete and further efforts, including a formal claims process, are expected to lead to material adjustment.
7
Excludes $1.7B of claims that have been formally withdrawn by Green Healthy House

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Customer Claims Filed to Date
As of August 24, approximately 36,075 customer claims have been filed for a total of $16 billion1
 Across FTX.com and FTX US, the Debtors have scheduled $10.9B of customer claims to date
 Holders of ~$7.9B (72%) in claims have yet to agree with or dispute their scheduled claims
 Holders of ~$1.2B (10%) in claims have agreed with their scheduled claims
 Holders of ~$1.9B (18%) in claims have disputed their scheduled claim amount. Reconciliation of disputed claims
is underway
 Customers have until September 29, 2023 (the Customer Claims Bar Date) to file a proof of claim if they dispute
their scheduled claim

FTX.com

USD in Billions$25

Disputed Claims
Agreed Claims
Yet to Be Filed

$23.6

$15.0

$1.4

$1.9
$1.1

$1.0

$1.1

$0.6
$0.4

$7.6

Scheduled

$1.1

$0.8

$10.6

$-

Disputed Claims
Agreed Claims
Yet to Be Filed

$1.2

$15

$5

$1.6
$1.4

$20

$10

FTX US

USD in Billions$7.6

Scheduled + Disputed

1. Excludes 193 customer claims facially frivolous or errant of ~$9.2 quintillion

$0.2
$-

$0.3
$0.1

$0.1

$0.3

$0.3

Scheduled

Scheduled + Disputed8

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B. Estate Assets Overview

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B. Estate Assets Overview

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Executive Summary
The analysis herein details Debtor assets marshalled to date at latest available pricing, values per the ongoingreconciliation of the Debtors’ books and records, and based on ongoing marketing efforts:$8.0

Recovery Initiatives$0.8B

Government Recovered Assets
Asset seizures by SDNY including cash and public equity
investments$0.5B

Brokerage Assets
Venture brokerage assets secured and managed by the Debtors$3.4B

Crypto Assets
Category A crypto assets secured and managed by the Debtors$1.5B

Postpetition Cash Identified and Secured
Cash assets identified, secured and managed by the Debtors$1.1B

Cash at Petition Date
Cash balances identified at Petition Date, secured andmanaged by the Debtors

$6.0

$4.0

~$7 Billion
Total Assets
Marshalled

$2.0

$-

TBD

Potential Incremental Estate Value
Includes venture investments, digital assets B, tokens
receivable, counterclaims recoveries, potential avoidance /preference actions, FTX 2.0, and investments in subsidiaries
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Estate Assets Overview
The below summarizes current asset values by Plan pool, both Debtor and Non-Debtor assets, bifurcated bymarshalled assets and potential incremental value:

USD in Millions

Pg.

Digital Assets A
1
Cash
FBO Account Balances
Brokerage Investments
Venture Investments 2
Digital Assets B3
Token Investments
FTX Bahamas Properties 4
Investments in Subsidiaries 5
FTX 2.0
Preference / Potential Avoidance

12
13
13
14
15
n/a
17
18
n/a
n/a
n/a

Total

1.
2.
3.
4.
5.

US Pool$

Dotcom Pool

538 $
n/a
32
n/a
n/a
n/a
n/a
n/a
n/a
TBD
TBD

148
n/a
103
n/a
n/a
n/a
n/a
199
n/a
TBD
TBD

TBD

TBD

General Pool
$

2,748
2,421
n/a
529
TBD
n/a
TBD
n/a
21
TBD
TBD

Total
$

3,434
2,421
135
529
TBD
n/a
TBD
199
21
TBD
TBD

TBD

Includes Debtor and Non-Debtor cash as of August 31, 2023 (see p. 13)
Venture and token investments have a total cost basis of $4,538M (inclusive of exits to date, see p. 26, excludes Non-Debtor assets, see p. 32); should not serve as a proxy for recoverable value
Digital Assets B valuation to be determined following retention and analysis of a valuation expert
FTX Bahamas values based on appraisal provided by the FTX Digital Markets JPLs via PwC with a sale range of between $185M and $214M
Reflects projected residual value from two Investments in Subsidiaries in the process of winding down and liquidating

TBD

11

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Digital Asset A Holdings$3.4 billion of Digital Assets A marshalled to date at August 31 pricing
The below includes all FTX.com, FTX.US, and Alameda Digital Assets A. Top 10 holdings currently represent~72% of Digital Asset A market value1.
Top 10 Digital Asset Holdings$1,400$1,200$1,162$1,000
$800
$560

$600
$400

$192

$200

$137

$120

$119

USDT

XRP

$49

$46

$41

$37

BIT

STG

WBTC

WETH

$-

SOL

BTC

ETH

1. Remaining 28% composed of over 400 additional tokens

APT

12

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Estate Cash$2.6 billion of Debtor & Non-Debtor cash confirmed to date
The Debtors have secured cash throughout the Chapter 11 process, within a postpetition cash management
system.
 The Debtors navigated the Q1 2023 financial banking turmoil and secured fiat from over 30 separate banking
institutions globally
 Cash has been located and pooled within a Master account for purposes of safeguarding estate assets.
Unrestricted cash has increased primarily due to venture investment monetization and stablecoin conversions

USD in Millions

US1

DotcomAlameda / Ventures

Total

Unrestricted Cash

$475

$333

$1,606$2,413Custodial Cash

32

103

-

135

Other Restricted Cash

0

-

-

0

Total Debtor Cash

$507

$436

$1,606$2,549

Non-Debtor Cash

4

5

-

8

$511

$440

$1,606$2,557

Total Cash

1. US cash includes master pooling account balances13

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Brokerage Investments$529 million in securities held in Debtor brokerage accounts$70 Million

Grayscale Ethereum Trust

13%$36 Million
7%

Bitwise 10 Crypto Index Fund1%

$6 Million Across
Ethereum Classic
Litecoin Trust
Digital Large Cap$417 Million

Grayscale Bitcoin Trust79%<$0.1 Million

BlackRock Equity

All values as of August 31, 2023 Pricing
14

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Venture Portfolio Summary

Status as of Petition Date

As of the Petition Date, the Venture Portfolio included 438 investments, totaling approximately $4.5B in funded
assets:Type
Key Investments
Count1
Funded2% of Total

EquityInvestments

213$2,93065%

LimitedPartnerships /
Funds

40

$732

16%

Tokens

174

$507

11%

Loans

11

$368

8%

438

$4,538100%

Total Venture
Portfolio

Over $4.5 billion in funded investments3

1. Number of investments based on individual investment type (equity, fund, token, loan)
2. Funded capital includes cash, crypto and other transferred assets. Investment totals exclude non-debtor investments
3. Includes funded values for investments exited to date (see p. 26); excludes $782M of non-debtor assets (see p. 32), including Mt. Olympus ($400M funded), K5 Global ($300M funded); value of funded 15
investment not indicative of potential recoverable valueB. Estate Assets Overview

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Token Investments$506 million in funded amounts in remaining token investments
The Debtors are contractual counterparties in agreements in which tokens have been or are being delivered
on a vesting schedule Post-ICO tokens are vesting and are deemed less risky and, when received, become assets in the Debtors’ Digital
Asset portfolio
 Pre-ICO tokens are early-stage tokens that are deemed riskier as they have not been minted and therefore theirvalue is uncertain
USD in Millions$140

Pre-ICO Tokens

Post-ICO Tokens
$80

$137

$68

$120

$60

$100

$84

$80

$80

$40

j

$60

j

$32

$50

$40

$20
$20

$20

$15

$10

$4

$3

$3

$-

$All Other
SOL

NEAR

MATIC MINA

1INCH

All Other
HOLE

FUEL

SWIM

FAR

GGX

16

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Real Estate in The Bahamas
38 properties in the Bahamas with $222 million book value appraised at $199 million
FTX Bahamas properties appraised by the FTX Digital Markets JPLs via PwC at a range of $185M to $214M
USD in Millions

A$151 Million1
15 Properties

B$7 Million1
7 Properties

1
C $25 Million

6 PropertiesD$5 Million1
4 Properties

Goldwynn$34 million1 across 5 additional properties+

NassauDC
B A

Albany Marina Residences

1. All values listed are book value and are not indicative of potential recoveries

The Bahamas
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C. Preference & Other Avoidance Overview

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Preliminary Customer Preference Analysis
The following materials summarize potential customer preference claims (excl. related parties andinternal accounts) during various periods (15 days, 30 days, 60 days, and 90 days) prior to the Petition Dateunder the subsequent advance approach:Preference Exposure: Computation of each customer preference exposure using the main account ID taking into
consideration a new value defense using a subsequent advance methodology for two periods: (a) the Preference
Period; and (b) 15 days prior to the Petition Date (which captures when CoinDesk broke the news on potential
insolvency on November 2, 2022 and the Binance LOI announcement on November 8, 2022) as follows: Deposits (i.e., new value) and withdrawals (i.e., possible preference exposure) are reviewed chronologically Under this approach, subsequent deposits made by the customer are available to offset previous withdrawals (“NewValue Defense”). To the extent deposits exceed the value of earlier withdrawals, the preference balance goes tozero (i.e., the excess is not applied against subsequent withdrawals) and the analysis begins again until the Petition
Date to determine whether preference exposure remains (“Subsequent Advance Methodology”)
 Interexchange deposits/withdrawals between the FTX.US and FTX.COM exchanges are excluded fromthe analysis
 Deposits are priced using transaction time pricing; withdrawals are priced using current pricing (8/31/2023 used forthe analysis in this report)

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Preference Exposure – Subsequent AdvanceThe table below outlines customer1 Preference Exposure for various look-back periods considering the New
Value Defense using the Subsequent Advance methodology
USD in Millions
August 31 Pricing (Withdrawals) and Transaction Time Pricing (Deposits)

15 Day Look-Back
Preference Threshold

FTX.COM
Users
USD

30 Day Look-BackUsers

FTX.US

USD

Preference Threshold

FTX.COM
Users
USD

Users

FTX.US

USD$0 - $1$1 - $1,000$1,000 - $50,000$50,000 - $250,000$250,000 - $500,000$500,000+

1,941
77,81060,189
8,568
1,756
2,451

$

0
17
567
932
618
9,097

228
19,93722,311
2,412
419
565

$

0
6
194
259
144
1,635

$0 - $1$1 - $1,000$1,000 - $50,000$50,000 - $250,000$250,000 - $500,000$500,000+

2,518
108,186
74,146
9,951
2,039
2,884

$

0
24
676
1,084
717
11,223261
22,26824,139
2,580
457
620

$

0
6
210
276
156
1,871

Total

152,715$

11,23045,872

$

2,238

Total

199,724$

13,72550,325$2,519

60 Day Look-Back
Preference Threshold

FTX.COM
Users
USD

90 Day Look-BackUsers

FTX.US

USD

Preference Threshold

FTX.COM
Users
USD

Users

FTX.US

USD$0 - $1$1 - $1,000$1,000 - $50,000$50,000 - $250,000$250,000 - $500,000$500,000+

2,993
144,283
94,575
11,896
2,362
3,614

$

0
32
842
1,294
829
15,438307
26,23627,081
2,862
500
690

$

0
7
234
307
171
2,358

$0 - $1$1 - $1,000$1,000 - $50,000$50,000 - $250,000$250,000 - $500,000$500,000+

3,430
172,050
110,229
13,335
2,665
4,059

$

0
38
986
1,451
935
17,987354
30,54129,735
3,094
551
746

$

0
8
256
332
188
2,830

Total

259,723$

18,43557,676

$

3,078

Total

305,768$

21,39765,021$3,614

1. Excludes related parties and internal accounts

20

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Non-Customer Avoidance Action Summary$588 million monetized and $16.6 billion potential avoidance actions identified
Potential Identified Avoidances
USD in Billions$16.6B$5.3B$3.2B$2.2B3$5.0B

Investments: 430+ potential actions$588M1 monetized and additional investments being investigatedapproximating $5.3B2 (partially reflected in venture investment analysis)

Non-Debtor
Affiliates: 7+ potential actions
Non-Debtor
Affiliates$3.2B was received by FTX Digital Markets Ltd and six additional NonDebtor affiliates
Insiders: 50+ potential actions
Insiders$2.2B3 in cash, crypto, equity and real estate value was received bySamuel Bankman-Fried, Nishad Singh, Zixiao (“Gary”) Wang, andCaroline Ellison among 46 others
Lenders: 37+ potential actions
Lenders
BlockFi, Genesis, and Voyager Digital received or settled amounts of$5.0B; the Debtors are assessing claims related to other lenders. A portionof this amount is reflected within the preference analysis on page 20
PoliticalandandCharitable
Donations
Political
Charitable
Donations$86.6M in donations were paid to third parties (SOFA 9)$0.6B Monetized to Date

Vendors: 884+ potential actions
Vendors
Vendors received a total of $190.3M during the preference period

1. Investments representative of $588M in cash proceeds received to date for exited investments and excludes non-cash consideration (see p. 26)
2. Includes $782M of non-debtor assets, including Mt. Olympus ($400M funded), K5 Global ($300M funded) and other investments (see p. 32)
3. Excludes certain transfers made on behalf of Insiders reported as Investments, as well as other transfers reported on SOFA 4 for the same value, recipient, and date of transfer on Alameda ResearchLtd., FTX Trading Ltd., and West Realm Shires Inc. These transfers were reported on SOFA 4 to disclose both sides of the transfer with the transfer of cash for the benefit of the Insider, and thetransfer of SAFE Notes / Equity / Options

21

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D. Digital Assets & Venture Investments

D. Digital Assets & Venture Investments

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BTC + ETH
As part of the ongoing asset tracing and recovery process, the Debtors have identified ~$833M1 in BTC andETH assets. The chart below includes:
 Token Values as of August 31, 2023
 Native (i.e. BTC, ETH) and wrapped2,3 (i.e. wBTC, wETH, etc.) versions of Bitcoin and Ethereum Assets shown above are subject to change based on ongoing recovery efforts
Debtor BTC & ETH Holdings

USD in Millions$700

Ethereum
Bitcoin

$644

$600
$500
$400
$300
$200
$112

$100
$-

GeneralPool
AlamedaDotcomPool
Dotcom

$78

USUS
Pool

$487 million of BTC/ETH denominated securities excluded from the above values
1. Token values based off pricing as of August 31
2. Additional wrapped tokens may continue be identified as part of the ongoing asset recovery and reporting process
3. Wrapped tokens will be unwrapped and converted to the underlying native token to the extent possible23

D. Digital Assets & Venture Investments

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Category B Tokens
The Debtors’ crypto holdings include certain tokens that fail to meet liquidity thresholds and/or are largely
controlled by the estate. These tokens are considered Category B for reporting purposes.
Top Category B Tokens
USD in Millions
August 31 Pricing
Token

Quantity1

SRM

9,949,668,390$0.0362

MAPS

10,076,921,934

3

OXY

4

No.

Logo

No.

USD in MMs

Price

Logo

Token

Quantity

USD in MMs

Price

362

11

MPLX

72,596,740$0.076$0.031

309

12

MNGO

269,124,069$0.0185

9,991,127,106$0.016

164

13

ALEPH

60,838,437$0.0765

MEDIA

9,986,433$7.160

72

14

KIN

394,005,883,223$0.0004

5

FIDA351,581,237$0.146

51

15

SLND

6,151,970$0.5583

6

BRZ

139,019,894$0.200

28

16

PRT

743,088,933$0.0053

7

HXRO

104,392,733$0.146

15

17

AGI

75,000,000$0.0413

8

GT3,165,328$3.871

12

18

BLUR

14,460,455$0.2063

9

ALM

2,433,093,847$0.003

8

19

POLIS

25,875,120$0.1093

10RON

10,182,498$0.541

6

20

AURY

5,387,732$0.5103$$

5Over 1,300 additional Category B tokens
24

D. Digital Assets & Venture Investments

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Venture Portfolio Summary

Action Events Since
Petition Date

Status as of Petition Date

As of the Petition Date, the Venture Portfolio included 438 investments, totaling approximately $4.5B in funded
assets:

1.
2.
3.
4.

Type

Highlights

Count1

Funded2% of Total

EquityInvestments

Top 10 positions comprise $2.3B (78% of equity investments)

213$2,93065%

LimitedPartnerships /Funds

Top 10 positions comprise $691M (94% of limited partnerships /fund investments)

40

$732

16%

TokensTop 10 positions comprise $410M (81% of token investments)

174

$507

11%

Loans

Top 3 positions comprise $229M (62% of loan investments)

11

$368

8%

Total Venture
Portfolio

Over $4.5 billion in funded investments

438$4,5384

100%

Type

Highlights

Count1

Funded2% of Total

ExitedInvestments3

Sale processes and settlements since Petition Date haveresulted in 87% recovery to date of funded amount

22

$673

Other Changes

Includes non-cash settlements and return of capital from fundpositions net of post-petition capital fundings-$79

Total Exits

22

$752

Remaining
Portfolio

416$3,7874

Number of investments based on individual investment type (equity, fund, token, loan)
Funded capital includes cash, crypto and other transferred assets. Investment totals exclude non-debtor investments
Includes investment settlements, sales, dissolutions and mergers as of August 31, 2023
Excludes various non-debtor assets (see p. 32), including Mt. Olympus ($400M funded), K5 Global ($300M funded), and Greyscale trusts ($246M market value as of petition date)25

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Venture Portfolio
Change in Venture Portfolio to Date

USD in Millions$673M of funded investments monetized for $588M (87% of fundedamounts), plus elimination of $137M unfunded commitments

Funded Amount ofPortfolio as ofPetition Date1

ModuloCapitalAll OtherExits

1. Number of investments based on individual investment type (equity, fund, token, loan)
2. Includes return of capital, capital call funding, and non-cash settlement with IEX representative of reduction in shares based on original cost-base funding

Other
Changes2

Venture Portfolio
as of 8/31 (fundedamounts)26

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Debtor Venture Portfolio Remaining
Top 10 investments represent 66% of remaining funded token, equity, fund, and loan investments
Funded Amounts as of August 31, 2023

USD in Millions$1,400$1,200$1,152

Investment
Size

Count

Value

Percent of
Value

<$1M

55%

$74M

2%

$1M - $10M

33%

$406M

11%

$10M+

12%

$3,307M

87%

$80

$78

$1,271$1,000

$800

$600

$500

$400
$185

$200

$137

$126

$115

$75

$68

$All Other
Genesis Digital Assets

Anthropic

Voyager

Solana

Toss

Dave

Near

Aptos

Chipper Cash

Hole

27

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Equity Investments Overview
Equity investments make up 73% of remaining funded venture investments comprising 202 investments
USD in Millions
Investment1

Industry

Country

Description

1. Genesis Digital

Bitcoin
MiningUS GDA operates as one of the largest Bitcoin mining companies worldwide withsites in the US, Sweden and Kazakhstan$1,152

2. Anthropic

Tech

US

 Anthropic is an AI safety and research company focused on developing
interpretable and steerable AI systems including Claude, an AI assistant thatcan perform a wide variety of conversational and text processing tasks

500

Brokerage

US Voyager Digital Ltd. provides crypto-currency brokerage services. The
Company offers an access to assets and commission-free trading.

110

4. Aptos

CryptoUS Aptos is a developer of a blockchain network intended to provide universal
and centralized access to decentralized assets for developers

78

5. Chipper Cash

FinTechUS Chipper Cash offers a no-fee peer-to-peer cross-border payment service inAfrica via its app

75

6. Toss

FinTechKorea

 Toss is a South Korea-based mobile financial service platform operated by
fintech startup Viva Republica

71

7. Tripledot

GamingUK Tripledot is a gaming studio that develops casual mobile games for android
and iOS devices

50

8. Yuga Labs

CryptoUS Yuga Labs operates as a web3 platform and developer of NFT collections

50

9. Exodus

CryptoUS Exodus gives blockchain asset investors a platform to secure, exchange andmanage wealth inside one application50

10. Brinc Drones

Tech

US

 Brinc Drones is company developing tech in the service of public safety
known for the LEMUR 2 indoor tactical drone

40

3. Voyager Digital

Funded($M)2

All Other Equity Positions (192)$5703

Total Equity Investment (202)$2,746

1. Number of investments based on individual investment type (equity, fund, token, loan)
2. Remaining funded amount as of August 31, 2023
3. Exclude Greyscale investments reflected on p. 14 under brokerage assets% of Venture Portfolio

73%

Average Equity Investment Size

$14M

28

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LP / Fund Investments Overview
The Debtors have sold certain limited partnerships and reduced unfunded capital by $137M. Sales in process
will result in another ~$8M of unfunded capital related liability released. Remaining LP positions, excluding
sold positions, amount to $167M or 4% of the venture portfolio
USD in Millions
Committed($M)

Funded($M)2 SkyBridge Capital invests in the common stocks and American
Depositary Receipts ("ADRs") of Crypto Industry Companies and Digital
Economy Companies

$45

$45

China

 Liquid Value Fund invests in DeFi and NFT infrastructure projects, aswell as projects within the Solana and Ethereum ecosystems

60

27

CryptoUS Paradigm One Fund invests in crypto companies at all stages, particularly
investments aimed at transforming finance and tech

35

24

4. Toy Ventures

FinTechUK Toy Ventures is an operator-led early-stage venture fund that seeks
investments in seed and early-stage companies

25

18

5. SkyBridge Coin Fund

CryptoN/A SkyBridge Coin Fund is a diversified and actively managed portfolio of
liquid tokens across the digital currency platform

1010

6. Multicoin Venture Fund

CryptoUS Multicoin Venture Fund II targets early investments in the cryptocurrency
and blockchain sectors.

55

7. 6529 Capital

NFT

US

 6529 Capital venture fund focused on targeting diversified set of NFTs
across the PFP, generative art, 1of1 and photography categories

55

8. ROK Capital

Crypto

South
Korea

 ROK Capital is a multi-strategy hedge fund and accelerator aiming togrow the Korean crypto ecosystem

559. Kraken Ventures

CryptoUS Kraken Ventures is an early stage investment firm focused on businesses
and projects at the nexus of both FinTech and Blockchain / Crypto

53

10. IOSG Venture

CryptoHongKong

 IOSG venture is an early-stage fund for decentralized protocols andcompanies and early-stage algorithm-based ventures

3

3

Sales in Process

15

13

All Other Fund Positions (22)13

9Total Fund Investment (32)

$225

$1673

% of Venture Portfolio

4%

Average Fund Investment Size

$5M

Investment1

Industry

Country

Description

1. SkyBridge Capital

CryptoUS

2. Liquid Value Fund
(Sino Global)

Blockchain

3. Paradigm One

1. Number of investments based on individual investment type (equity, fund, token, loan)
2. Remaining funded amount as of August 31, 2023
3. Excludes K5 partnership interests shown on p. 32 under Non-Debtor assets, subject to pending litigation

29

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Token Investments Overview
Token investments make up 13% of remaining funded venture investments comprising 171 investments withan average investment size of $3M
USD in Millions
Investment1,2

Industry

Country

Description

Funded($M)3

1. Solana

Crypto

US

2.

Near

CryptoSwitzerland The NEAR protocol is a sharded, proof-of-stake, layer-one blockchain that is
simple to use, secure and scalable

80

3. HoleCryptoCaymanIslands

 Wormhole allows developers to easily build decentralized applications thatspan the entire blockchain ecosystem

68

4. Polygon

CryptoIndia

 Polygon is a blockchain platform which aims to create a multi-chain
blockchain system compatible with Ethereum50

5. Mina

CryptoSouth
Africa Mina builds the privacy and security layer for web3 with zero knowledge
proofs20

6. FuelCryptoBVI Fuel is the fastest execution layer for the modular blockchain stack thatdelivers maximum security and the highest flexible throughput

15

7. Port Finance

CryptoUS Port Finance is a Defi protocol that aims to provide an entire suite of Defi
products including borrowing & lending, swap aggregator, and Portfolio
tracking

13

8. 1Inch

CryptoUS 1Inch analyzes thousands of quotes and fees instantly across multiple DEXes
to provide users with the best rates

10

9. Enigma

CryptoUS Secret Network is the main net blockchain with privacy-preserving smart
contracts

10

10. OTOY Int’l

CryptoUS OTOY is a cloud rendering company delivering real-time cinematic quality 3Dgraphics through the browser

7 Solana builds products, tools, and reference implementations to further
expand the Solana ecosystem$137

All Other Token Positions (161)$96

Total Token Investment (171)$506

1. Number of investments based on individual investment type (equity, fund, token, loan)
2. Includes SAFT investments and funded amount of token warrants
3. Remaining funded amount as of August 31, 2023

% of Venture Portfolio

13%

Average Token Investment Size

$3M

30

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Loan Investments Overview
Loan investments make up 10% of remaining funded venture investments comprising 11 investments with anaverage investment size of $33M
USD in Millions
Investment1

Industry

Country

Description

Funded($M)3$100

1. Dave

FinTechUS

 Dave operates a banking app that offers a suite of financial services andproducts
 Key offerings include debit card, spending account, cash advances andfinancial management tools

2. Voyager Digital

Brokerage

US Voyager Digital Ltd. provides crypto-currency brokerage services. The
Company offers an access to assets and commission-free trading.

75

3. Toss (Pionic)2

FinTechSouth Korea

 Toss is a South Korea-based mobile financial service platform operated
by fintech startup Viva Republica

54

4. BTC Africa (AZA Finance)

FinTechUK AZA Finance empowers companies from 115+ countries to accelerate
their operations in frontier markets through better foreign exchange,
treasury services, payments, and last-mile settlement46

5. PlayUp

GamingAustralia PlayUp is an entertainment and technology group35

6. Red Sea Research

Media

US

 Red Sea Research is associated with Michael J. McCaffrey, former CEOof the Block16

7. Lonely Road Capital

Media

US

 Lonely Road Capital is associated with Michael J. McCaffrey, former
CEO of the Block15

8. MJMcCaffrey Holdings

Media

US

 MJMcCaffrey Holdings is associated with Michael J. McCaffrey, former
CEO of the Block12

9. Helix Nanotechnology

Healthcare

US HelixNano is building an advanced mRNA platform to enableapplications across human and nonhuman biology

10

10. Genesis Block

FinTechUS Genesis Block is a developer of a Blockchain-powered online banking
application to provide a full-service banking experience4

11. Consensys

CryptoUS Consensys is a developer of a blockchain technology-based platform
designed to assist enterprises to launch more powerful financial
infrastructure1

Total Loan Investment (11)
1. Number of investments based on individual investment type (equity, fund, token, loan)
2. Represents a loan to an affiliate of Toss
3. Remaining funded amount as of August 31, 2023

$368
% of Venture Portfolio
Average Loan Investment Size

10%
$33M 31

F. Venture
Investments
D.
Digital Assets& Venture Investments

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Non-Debtor Overview
Non-Debtor investments amounts to $782M in funding, comprising 9 investments with an average
investment size of $87M
USD in Millions
Investment1

IndustryType

ConsumerGoods /
ServicesFund Mount Olympus fund is an early-stage venture capital fund managed
by Zeus Venture Capital. The fund targets consumer products andservices (B2C), business products and services (B2B) sectors$400

2. K5 Global Holdings

N/A

Fund

 K5 Global is a venture capital firm and incubator that provides capitaland guidance to startups across all sectors

300

3. Latona Biosciences

BioscienceLoan Latona Biosciences is the debtor’s former philanthropic arm, used for
disputed charitable donations to bioscience related firms

68

10

1. Mount Olympus Capital

Description

Funded($M)2

4. Semafor

Media

Equity Semafor is a news website founded in 2022 by Ben Smith, a former
editor-in-chief of BuzzFeed News and media columnist at The New
York Times, and Justin B. Smith, the former CEO of Bloomberg MediaGroup

5. Nifty Island

GamingEquity Nifty Island is an open social gaming platform and virtual world being
developed by Nyft Studios

2

6. Browder Capital

N/A

Fund

 Browder Capital is a venture capital investment firm based in San
Francisco, California. The firm prefers to invest in early-stage companies

2

7. Sifchain

CryptoToken

8. Cryowar

GamingToken

9. QFlow

FinTechToken Sifchain is the omni-chain decentralized exchange (DEX), unlocking
liquidity in various chains to free people from egregious fees and inefficient
trades Cryowar is a real-time multiplayer PVP arena NFT game developed in
Unreal Engine and on the Solana network
 QFlow delivers powerful workflows for finance teams to turn operational
data into insights (normalized) at 1/5 the cost of the alternative

Total Non-Debtor Investment (9)

0.2
0.2
$782

Average Non-Debtor Investment Size

1. Number of investments based on individual investment type (equity, fund, token, loan)
2. Remaining funded amount as of August 31, 2023

0.2

$87M

32

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Selected Top Investments for Discussion
Non-Digital Asset Equity and Debt Investments over $10M1($ in millions, unless otherwise stated)
Name

Investment Amount($M) / Type

Date of Investment

SectorCountry

1

Genesis Digital Assets$1,152.1 Equity

August 2021

Cryptocurrency

US

2

Anthropic$500.0 Equity

September 2021

Artificial Intelligence

US

3

Toss

October 2021

Personal
Finance

Korea

4

Dave

August 2021

DigitalBanking

US

5

IEX

$112.6 Equity

April 2022

ExchangeUS

6

Chipper Cash$75.0 Equity

October 2021

Payments

US

7

TripleDot$50.0 Equity

June 2022

GamingUK

8

AZA Finance (BTC Africa)$46.0 Loan

December 2021

Payments

UK

9

Brinc Drones$40.0 Equity

December 2021

Drone Manufacturing

US

10

PlayUp$35.0 CLN

January 2022

Online Sports Betting

Australia

11

80 Acres$35.0 Equity

March 2022

Vertical Farming

US

12

StockTwits$20.0 Equity

May 2021

Finance Social Media

US

13

Mobile Premier League$15.0 Equity

September 2021

GamingSingapore14

DriveWealth$15.0 Equity

August 2021

Brokerage Technology

US

15

HelixNano$10.0 Loan

January 2022

Healthcare

US

16

Protego Trust$10.0 Equity

May 2022

Banking

US

17

Wave Mobile Money$10.0 Equity

March 2022

Personal FinanceUS

18

Fanatics$10.0 Equity

April 2022

SportsUS$71.3 Equity$54.5 Founder Loan2$100.0 Convertible Note
$15.0 Common Equity

Dialogue with
Company

Unsolicited ExternalInterest

High
1. Includes Genesis Digital Assets for discussion purposes
2. Loan made to founder, Seung Gun Lee, and secured by shares in Toss

MediumLow

33

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JPL Discussions
9/29: Debtor proposal
back to JPL

9/8: Debtor proposal
back to JPL

9/22: JPL proposal
back to Debtors

10/2-10/3: In person
mediation with Judge
Fitzgerald in NYC, if
necessary

9/15: Debtor / JPL
negotiations via Zoom
(without Judge Fitzgerald)

9/18: Joint call with
Judge Fitzgerald to brief
on progress

September 2023

October 2023
35

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FTX 2.0 Process Update
The Debtors began a marketing process for the FTX.com and FTX US exchanges in May 2023
 The process is designed to consider varying potential structures, including an acquisition, merger, recapitalizationor other transaction to relaunch the FTX.com and/or FTX US exchanges
 The Debtors are also considering the provision of management and operating services

OutreachFeedback

Next Steps

75+ potential bidders contacted

Several parties that submitted
Round 1 bids were admitted intoa Round 2 process

Proposals are being evaluated inconsultation with the UCC & AHC

Bidders include: Existing exchanges
 Strategic Buyers
 Financial buyers

Extensive bidder diligence &bi-lateral info sharing ongoing

Focus areas include review of
executability, bidders’ expertise,and economics and consideration

Transaction timing will depend on nature of transaction, readiness of bidder and other considerations

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Target Plan Timeline
Target Plan
Confirmation

Government& Customer
Bar Date(Sep 30)

UCC & AHC
Meeting(Sep 11 – 12)

Plan Solicitation(Q1 / Q2 2024)
Disclosure Statement& Amended Plan Filed(By Year End)

2.0 Bid Deadline(Sep 24)

Omnibus Hearing(Sep 13)

Target Selectionof Stalking Horse(Oct 16)

Plan Negotiations with Stakeholders(see next page)
Negotiations with JPL(see page 35)

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Asset Recovery Efforts Continue Throughout
37

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Plan Negotiations with Stakeholders
UCC & AHC
Meeting(Sep 11 – 12)

Plan Mediation on Other
Plan Issues if Required(Oct 30 – 31)
PEO Other Plan
Issue Deep Dives(Sep 26 – 27)

2.0 Bid Discussion
with UCC & Ad Hoc(Sep 28)

PEO Preferences
Deep Dive(Sep 25)

Plan Mediation with
Judge Fitzgerald on
Customer Issues(Oct 20 – 21)

Restriction Date /Briefing of Newly
Restricted Creditors(Oct 19)

September

October38

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Stakeholder Feedback on Open Plan Issues
The draft Plan does not purport to resolve certain open questions under discussion:

Expected size of classes of claims,
recovery pools & estimates of creditor
recoveries

Amount of property to be given to
exchange shortfall claims against
general pool of assets

Decision & manner in which FTX.com
exchange is sold or reorganized

Post Plan effective date claims transfer
process (recovery rights token or digitalassets)Corporate governance & futurestewardship of post-confirmation
entities

Any amendments to the Plan required
to confirm that are in the best interestsof all creditors

39