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Advisors at the FTX exchange are examining whether millions of dollars in funds offered to Shaquille O’Neal, Naomi Osaka and several NBA teams can be reversed.
The bankrupt cryptocurrency exchange funded Major League Baseball for $4.9 million, and $12.2 million in partnership with Formula 1 racing teams, among others.
FTX advisors believe that a portion of the payments related to Formula 1 can potentially be reversed in Chapter 11.
The FTX exchange is currently investigating whether millions of dollars in payments, made to Shaquille O’Neal, Naomi Osaka, the Formula 1 racing team and Major League Baseball, among others. Advisors to the bankrupt cryptocurrency exchange believe a Chapter 11 recovery is likely.
FTX tries to recover athletes’ funds
Samuel Bankman-Fried’s FTX exchange filed for bankruptcy in November 2022. Since then, the bankrupt cryptocurrency exchange platform has attempted to recover funds from its various pledges and payments to influencers, market makers, other exchanges and athletes, among others.
Financial advisors hired by the company revealed in recent court filings that payments made to Formula 1 racing teams will likely be recovered under Chapter 11. The advisors examined several payments made to Shaquille O’Neal, Naomi Osaka, the MLB and the Mercedes team, and identified million-dollar funds that could be recovered.
The advisory team is exploring whether pre-bankruptcy payments can be used to raise capital to return to exchange creditors. There is no detailed accounting of FTX’s spending on collateral, but the exchange is compiling the information to facilitate the recovery process.
The disclosures made by the advisers reveal an inside look at FTX’s lavish spending on famous athletes, Major League Baseball teams, the National Basketball Association and Formula 1.
2023-09-09 18:40:46
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