2023-11-30 16:34:24
The sale of approximately $873 million in trust assets of the insolvent crypto exchange FTX can finally begin. The money received will be used to pay creditors affected by the company’s bankruptcy in 2022. According to a filing in Delaware bankruptcy court on Nov. 29, the debtors will be allowed to sell the trust assets at their discretion and following a specified sales process. A significant amount of FTX’s assets may be sold. The goal is to obtain the largest possible profit from the assets, but not to cause large market shocks. Basically, the asset is managed by two asset managers, Bitwise and Grayscale Investments, through several foundations. The current decision comes four weeks following FTX debtors asked Judge John Dorsey for permission to sell six cryptocurrency funds. These include assets in the Bitwise 10 Crypto Index Fund and the Grayscale Bitcoin Trust. Before it went bankrupt last November due to news that revealed the shaky balance sheet of FTX sister company Alameda Research, the crypto exchange originally led by Sam Bankman-Fried was one of the largest trading platforms in the world. According to court filings, FTX managers have so far recovered nearly $7 billion in assets, including $3.4 billion in cryptocurrency. Sam Bankman-Fried was recently found guilty of seven counts and is currently awaiting sentencing, which might take place in March 2024. He is now being held at the Metropolitan Detention Center in Brooklyn. You can get up to 115 years. Now that the asset sale has been approved, the value of the FTX token (FTT) has pushed up nearly 10%.
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