FTX's first hearing presentation: Over 60% of employees are creditors, Taiwan users account for 3%, and there is not much cash left

The U.S. Bankruptcy Court held the first hearing for FTX, during which the presentation consisted of a visual summary of the legal documents previously filed by FTX's new CEO, John J. Ray III.

1. Four Major Companies

WRS represents FTX US, Alameda, FTX Ventures, and DOTCOM represents FTX International. These major companies each hold different assets, including cash, cryptocurrencies, other subsidiaries, and investments as shown in the Indicative Assets section of the image.

2. FTX Historical Milestones

From SBF and CTO Gary graduating from MIT to establishing Alameda, they initially operated in the United States, expanded to Asia with FTX.com in 2019, launched FTX US in 2020, acquired a majority stake in the Bahamas in 2021, and established offices in the United States in 2022. The expansion of FTX is described chronologically and geographically.

3. Investments and Valuations

• In 2019, Binance made an investment in FTX.
• In July 2021, FTX.com was valued at $18 billion and received a $1 billion investment from Sequoia, Paradigm, Thoma Bravo, and SBF's billionaire student, with Binance exiting at the time.
• In October 2021, FTX.com was valued at $25 billion and received a $4.2 billion investment from OTPPB Ontario Teachers' Pension Plan Board, Tiger Global, and BlackRock.
• In January 2022, FTX.com was valued at $32 billion and received a $500 million investment from Paradigm, SoftBank, and Temasek Holdings; FTX US was also valued at $8 billion and received a $400 million investment from investors including Multicoin, Paradigm, and Sequoia.

4. Out of 520 Employees, 330 are Creditors: Four from Taiwan

Among the 520 FTX employees, the majority are 127 Americans, followed by 50 Japanese, 29 Turkish, and only four from Taiwan.

5. Global Users: Cayman Islands Hold the Most, Taiwan Only 3%

Within FTX's user base, the highest percentage is from the Cayman Islands at 22%, followed by the British Virgin Islands at 11%, China at 8%, and Taiwan at only 3%. The Cayman Islands and the British Virgin Islands are not only tax havens but also convenient places for investment immigration.

6. Complete Organizational Structure Chart

For detailed charts, refer to the PDF file.

7. Where Are FTX's Assets?

The image lists the investments of the four major FTX companies, including equities, funds, cryptocurrencies, as well as regulated exchanges and licensed brokers:

8. How Much Cash is Left for the Four Entities?

After deducting recent expected expenses, the cash positions are as follows: FTX US has $55.5 million remaining, Alameda has $368.2 million remaining, FTX Ventures has $8.5 million remaining, and FTX.com has $26.8 million remaining. According to this chart, the total cash remaining is $459 million.