Crypto exchange FTX aims to return Bitcoin and altcoin assets in dollars to their creditors by creating strategies to sell, stake and protect them. The sunken stock market wants to manage this process by getting consultancy service from Galaxy Digital.
FTX aims to use fiat currency instead of Bitcoin and altcoins when paying creditors. Thus, the stock market wants to prevent the loss of 3 billion dollars from cryptocurrencies. The sunken cryptocurrency platform submitted this request to the court through lawyers. In this scenario, Galaxy Digital will advise the exchange on the sale of crypto assets and risk management.
FTX lawyers stated that assets such as Bitcoin and Ethereum will seek to sustain their value through hedging strategies. In this way, the possible risks before the sale will be minimized. The lawyers emphasized that holding certain altcoins is in favor of both the company and its creditors, providing low-risk returns.
The exchange wants to share the income from these assets by distributing it to waiting customers. However, FTX is working on strategies such as weekly sales limits so that all assets are sold at once and do not overturn the market.
Galaxy Digital CEO Mike Novogratz has yet to comment on the situation.
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