Ripple Has Claim on FTX Assets, Documents Say
In a recently published list of FTX debt claimants, Singapore-incorporated Ripple Labs’ entity is accompanied by one of the greatest NBA legends of all time and an Avalanche-associated firm from BVI.
Ripple Labs $11.4 million debt claim found in FTX bankruptcy documents
Ripple Labs Singapore Pte. Ltd, the Singapore unit of U.S. fintech heavyweight Ripple, is listed in a document designed to dismiss non-customer duplicate claims of FTX debtors. Authorized by the Honorable
United States Bankruptcy Judge John T. Dorsey, the document was published by Kroll, the creditor claim manager in the FTX case.
The document was noticed by a pseudonymous Ripple/XRP community expert who goes by @WKahneman on X. The speaker shared it with his 59,000 followers today, Dec. 23, 2023.
He also noticed the sophisticated legal structures of the firms mentioned in the document and attributed it to the U.S. regulatory hostility toward altcoins.
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As per the document, Ripple’s subsidiary will claim over $11.4 million from FTX, which is the largest disclosed sum among all listed in the document.
It should be noted that the list also features information about claims by Shaquille “Shaq” O’Neal, an iconic NBA player and living legend of Miami Heat, Los Angeles Lakers and Orlando Magic. He is mentioned in the claimant list both personally and as ABG-Shaq, LLC, a Delaware limited liability company for his personal services.
As per another court document, O’Neal might have secured a $750,000 endorsement contract with FTX.
FTX Token (FTT) erased all gains after massive 26% spike
Besides Ripple Labs and Shaquille O’Neal, Avalanche (BVI), Inc. is mentioned as a claimant in the FTX case. This firm is associated with the blockchain platform Avalanche (AVAX), as per the official website of the ecosystem.
Last week, FTT, the core native token of the collapsed exchange FTX, jumped by over 26% in no time on the announcement of consolidation between the FTX main legal entity and its Bahamas firm.
At the same time, the pump appears to be a short-lived one: The FTT price lost all of its gains and dropped from $4.32 to $3.53 in less than a day.
