The aftermath of major cryptocurrency firm collapses continues to unfold, revealing that a staggering $1.5 billion in digital assets remains tied up in the wallets of now-defunct entities such as FTX, Terraform Labs, Celsius Network, and Blockfi. Over the past few years, a wave of digital asset firms imploded for a variety of reasons, many dragged down by earlier catastrophic events like the FTX and Terraform Labs fiascos. While these companies have vanished from the active crypto landscape due to bankruptcies, their digital wallets remain under the strict stewardship of court-appointed bankruptcy estates, quietly preserving substantial onchain value amidst the wreckage of their former operations.

Terraform Labs: A Lingering Digital Footprint

Terraform Labs, the entity behind the algorithmic stablecoin UST, famously imploded in May 2022 when its stablecoin broke its peg to the dollar, wiping out approximately $45 billion in market value. This cataclysmic event triggered a ripple effect, dragging down other prominent firms like Three Arrows Capital and Celsius in its wake. Despite its spectacular downfall, data from Arkham Intelligence as of June 14 indicates that Terraform Labs still holds $2.45 million in onchain assets. The majority of this remaining value is concentrated in two specific tokens: $1.26 million in convex finance token (CVX) and $1.09 million in governance OHM (GOHM), highlighting the diverse nature of assets held even in insolvency.

FTX’s Multi-Million Dollar Remnants

The collapse of FTX in November 2022 sent a broader shockwave across the crypto market following disclosures that customer funds had been misappropriated and leveraged to support the exchange’s native token. Yet, according to Arkham, the bankrupt exchange still controls wallets holding an astounding $611.93 million in digital assets. A significant portion of this sum, roughly $266 million, is derived from its 9.777 billion OXY tokens. Curiously, a substantial $232 million is tied to FTT, the platform’s own native token, which, despite the exchange’s demise, still trades at $0.90 per coin, with FTX wallets containing 257.87 million FTT. The firm also retains about $52 million in MAPS and $16.31 million in FIDA, painting a complex picture of its remaining holdings.

Blockfi and Celsius: Recovering From Liquidity Crises

Blockfi, a crypto lender that filed for bankruptcy in November 2022 due to its significant exposure to FTX, maintains $36.37 million in digital holdings. The bulk of this sum is concentrated in Ethereum (ETH), with the firm holding 12,223 ETH valued at $30.84 million. Celsius Network, which halted withdrawals and entered bankruptcy in July 2022 amid severe liquidity woes and risky investment bets, currently controls $6.89 million in assets. Its largest remaining asset is $6.1 million in SAVAX, complemented by a smaller holding of $576,000 in ETH, showcasing the varied tokens left in their digital coffers.

Alameda Research’s Formidable Holdings

Alameda Research, the quantitative trading arm of FTX, still holds a formidable $887.46 million in digital assets, making it one of the largest single pools among the defunct entities. Of this substantial amount, approximately $735 million is held in Solana (SOL), with the firm’s wallets securing 5.099 million SOL tokens. Alameda’s reserves also include $52 million in Ethereum (ETH) and 205.006 Bitcoin (BTC), which is worth $21.61 million. These significant holdings underscore the scale of Alameda’s previous operations and the substantial digital wealth now under bankruptcy administration.

Voyager and Three Arrows Capital: Minimal Onchain Exposure

In contrast to the larger holdings, wallets tied to Voyager Digital, which also filed for bankruptcy in July 2022, retain a relatively minor $41,600 in onchain assets. This indicates that Voyager Digital had minimal digital asset exposure directly onchain at the time of its collapse, or that a significant portion of its assets were held elsewhere or liquidated earlier in its recovery process. Similarly, Three Arrows Capital (3AC), a crypto hedge fund that faced its own dramatic implosion in 2022, holds a mere $46,036 in its wallets, with just over $27,000 of that in Tether (USDT). This strikingly low figure suggests a near-total liquidation or dispersion of its assets prior to significant onchain tracking.

The Collective Crypto Aftermath

At the time of writing, the combined onchain assets held by these eight defunct entities—FTX, Terraform Labs, Celsius Network, Blockfi, FTX US, Voyager Digital, Alameda Research, and Three Arrows Capital—collectively amount to an eye-popping $1.546 billion. This staggering sum represents a significant portion of the digital asset market that remains frozen in the aftermath of these high-profile collapses. The ongoing management of these substantial reserves by bankruptcy estates highlights the complex and prolonged process of recovery and redistribution in the wake of major failures within the rapidly evolving cryptocurrency industry. The sheer scale of these lingering assets underscores the deep financial impact these collapses have had on countless investors and the broader crypto ecosystem.