Over the past few years, a wave of digital asset companies has collapsed for reasons. This has been dragged into previous disasters like FTX and Terraform Labs Fiascos. This gives a closer look at a handful of wallets tied to the now-deprecated venture and a glimpse into what is still sitting on-chain.
The collapsed crypto entities still manage $1.5 billion on-chain wealth
These companies have disappeared due to collapse and bankruptcy, but such companies tied to FTX have their wallets under the control of court-appointed bankruptcy properties. These wallets quietly maintain a considerable amount of value in the wreckage and continue to maintain a significant amount of money. Terraform Labs collapsed in May 2022, when the algorithm Stablecoin UST broke PEG, erasing about $45 billion and pulling down three Arrows Capitals and companies like Celsius.
Following November 2022, FTX unleashed a wider shockwave after it was revealed that disclosures had misappropriated customer funds and used them to support their own tokens. However, as of June 14th, Arkham Intelligence data shows Terraform Labs still holds $2.45 million on-chain. Most of its value resides in two tokens. $1.09 billion with $1.26 million convex financial tokens (CVX) and Governance Ohms (GOHM).
Next is FTX. According to Arkham, the bankrupt exchange controls a wallet holding $61.93 million in digital assets. It has approximately $266 million in stems from 9.777 billion Oxy tokens. Another $232 million is tied to the platform’s native token, FTT. Strangely enough, it still trades at $0.90 per coin. As of press time, the FTX wallet contains 257.87 million FTT. The company also holds $16.31 million on a map of about $52 million and FIDA.
FTX US, the now-deprecated American arm of the exchange, still manages $1,640,348 on-chain assets, with Lion’s share coming from 5.938 million trons (TRX). Blockfi, a crypto lender who filed for bankruptcy in November 2022 following his exposure to FTX, has maintained $36.37 million with Digital Holdings. The majority of that total is concentrated in Ethereum (ETH), with the company sitting at 12,223 ETH worth $3,000.84 million.
The Celsius Network, which stopped its withdrawal in July 2022 amid liquidity issues and a dangerous bet, currently holds $6.89 million. Its biggest asset is $6.1 million in Savax and $576,000 less in ETH. The wallet, tied to Voyager Digital, which filed for bankruptcy in July 2022, returns $41,600 to a relatively low $41,600, showing minimal on-chain exposure.
Meanwhile, Alameda Research, FTX’s quantitative trading arm, still holds a formidable $887.46 million in digital assets. Of this, approximately $735 million is found in Solana (SOL), with the company’s wallets set for SOL 5.099 million. Alameda’s reserves also include ETH’s $52 million and 205.006 BTC, worth $21.61 million. In contrast, Three Arrows Capital (3AC) holds just $46,036. At the time of writing, these eight obsolete entities collectively hold on-chain assets of $1.546 billion.