Ripple Singapore to Claim 11.4M from FTX in Recent Legal Filing

In a surprising revelation, @WKahneman, a well-known supporter of Ripple, has shared a newly disclosed court document.

The document indicated that Ripple Singapore is set to assert a substantial claim of $11.4 million in FTX assets. This development shows Ripple Labs’ significant exposure to FTX’s holdings.

Ripple Singapore’s $11.4M Claim Against FTX Revealed

Ripple Labs Singapore Pte. Ltd. is the Singapore branch of the prominent U.S. cryptocurrency payments company Ripple. According to a recent court filing, it is set to assert a claim of $11,403,976 (or $11.4 million) from the bankrupt cryptocurrency exchange FTX.

The document was initially submitted on December 7. However, it gained renewed attention when @WKahneman highlighted it in a tweet yesterday.

FTX Bankruptcy: Ripple’s $11.4M Claim and Surprising Claimants

The document revealed a notable list of claimants beyond Ripple Singapore. It included iconic NBA superstar Shaquille O’Neal and his company, ABG-Shaq, LLC, featuring prominently.

Speculation suggests O’Neal may have secured a $750,000 endorsement deal from the now-defunct exchange. However, the details of his claim remain undisclosed at present.

Additionally, the document identified Avalanche (BVI), Inc., an affiliate of the leading blockchain platform Avalanche (AVAX), as another party seeking restitution in the FTX case. Surprisingly, the document did not specify the value of Avalanche’s claim.

It’s worth noting that Ripple Singapore Pte. Ltd. boasts the highest disclosed amount among all entities pursuing a stake in FTX’s assets.

In an intriguing twist, @WKahneman highlighted that Ripple Singapore is pursuing the claim against Alameda Research, a sister company of FTX.

Recent Unfoldings in FTX Legal Proceedings

The FTX legal saga remains a focal point for crypto enthusiasts, with each passing week bringing forth new revelations. In a surprising disclosure, Jameson Lopp, the CTO at Casa, unveiled that FTX’s indebtedness to legal representatives overseeing its bankruptcy case now exceeds the amount owed to its customers.

Earlier reports indicated FTX’s bankruptcy fees at $1.45 billion, surpassing customers’ losses estimated at around $1.42 billion. Despite the bleak news for customers, a glimmer of positivity emerged as FTX’s Solana (SOL) holdings surged to $6 billion.

Notably, the exchange’s SOL holdings, which had plummeted to $1 billion earlier in the year due to a drastic collapse in SOL prices, experienced a remarkable resurgence. With SOL reaching over $95 last week, FTX’s SOL holdings soared to approximately $6 billion.

At the time of writing, SOL was trading at $113, while FTT, the native token of FTX, was trading at $3.68.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.