The venture capital arm of FTX_Official launched earlier this year with a $2 billion fund, but a bankruptcy filing claims that FTX Ventures was a disorganized mess with missing financials. BrandyBetz reports
The FTX umbrella covered over 100 smaller legal entities, which complicates any story about the internal organization. According to paperwork filed on Thursday with the U.S. Bankruptcy Court for the District of Delaware, FTX Ventures, the operations that both invested in companies and accepted investments, spread its funds across Clifton Bay Investments LLC, FTX Ventures Ltd, Island Bay Ventures Inc and, “potentially, affiliated companies.
Of those groups, Clifton Bay Investments and FTX Ventures were the only entities that prepared quarterly financial statements. And financial statements for Island Bay Ventures haven’t even been locatedThe Sept. 30 balance sheets showed $1.52 billion in assets for Clifton Bay and $493 million for FTX Ventures with the majority, unsurprisingly, falling under the “investments” heading. FTX Ventures had $492 million in total liabilities.
Clifton Bay had $1.5 billion in liabilities, the majority coming from a category called “related party accounts payable” – or money owed to other FTX-owned entities. There were four balances: $1.4 billion and a separate $68.6 million with Alameda Research, $38.5 million with Alameda Ventures and $2.25 million with West Realm Shires Services, the legal name of FTX US.
The FTX legal team warns that even they aren’t confident that the financials are correct, noting that the balance sheets were unaudited and produced while Bankman-Fried was in charge. Amy Wu, a former Lightspeed Ventures partner who headed FTX Ventures, announced her resignation last Friday.
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