The cryptocurrency market is witnessing hard sales today. The background to this is undoubtedly the development of the bankrupt cryptocurrency exchange FTX. Accordingly, FTX requested permission to liquidate $3.4 billion worth of crypto assets. An altcoin draws attention in the emerging reserves of the crypto exchange.
Solana and Bitcoin are at the forefront among FTX assets!
As you follow on Kriptokoin.com, FTX filed for bankruptcy last year. However, some previous developments have cast doubt on executives, including its founder, Sam Bankman-Fried. Because before filing for bankruptcy, it turned out that the exchange paid billions of dollars to Bankman-Fried and executives. According to a court filing Monday, bankrupt FTX’s assets consist of nearly $7 billion in assets, including $1.16 billion in Solana (SOL) and $560 million in Bitcoin (BTC).
Here, attention is shifting to Solana, which accounts for almost half of the total cryptocurrency holdings. Indeed, SOL suffered severe depreciation in anticipation that FTX would liquidate assets. The presentation, meanwhile, details the billions that the company, formerly one of the world’s largest crypto exchanges, has made to senior executives, including its founder Sam Bankman-Fried, before filing for bankruptcy in November.
Bankrupt crypto exchange has $3.4 billion worth of cryptocurrency
FTX collapsed after CoinDesk released disclosures about the state of its balance sheet last year. New CEO John J. Ray III keeps saying how bad the financial controls are at the company. However, Bankman-Fried denied multiple fraud charges. Meanwhile, expectations are that the trial will begin next month.
The document reveals that the company provided $1.5 billion in cash, in addition to the $1.1 billion it held on Nov. 11, and also had $3.4 billion worth of cryptocurrencies as of August 31. This is worth hundreds of millions of dollars in addition to the more than 1,300 lesser known and potentially less liquid tokens such as MAPS and Serum (SRM).
FTX asks court for permission to sell crypto assets
The presentation also details the $2.2 billion in cash, crypto, equity and real estate acquired by Bankman-Fried and other executives including Nishad Singh, Zixiao Wang and Caroline Ellison in the months before the bankruptcy. This is important. That’s because US law allows such payments to be withdrawn and added to assets that can be distributed to creditors.
The document also includes 38 apartments in the Bahamas with an estimated value of approximately $200 million. In addition, the document includes lofts and other properties. The company’s new management is also trying to recover donations to politicians and charities like the Metropolitan Museum of Art in New York. Meanwhile, FTX has requested permission from a judge in New York to start selling crypto assets. Thus, it will be possible for him to return the funds to creditors in cash.
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