FTX crypto exchange is seeking regulatory approval to liquidate its holdings of crypto assets, funded by customers, of course.
FTX is a bankrupt crypto exchange. In the first week of November 2022, this exchange seriously collapsed after news from Coindesk media about the financial position of the FTX exchange and its sister firm Alameda Research. Alameda Research was one of the largest investors in the Solana (Sol) coin.
On September 9, 2023, a user of Crypto
According to the information, the court could give a green signal to FTX’s bankruptcy team by September 13 and obviously this will bring very strong selling pressure in the crypto space.
According to data, this bankrupt crypto exchange holds nearly $3.4 billion in crypto assets, including $685 million in Sol coins, $529 million in FTT tokens, and $268 million in Bitcoins.
If the court allows this bankrupt crypto company to liquidate its holding assets, the bankruptcy team will sell $200 million worth of crypto assets per week.
Led by current FTX CEO John Ray III, the FTX bankruptcy team is working to recover all funds donated or gifted by the FTX team on behalf of former FTX CEO Sam Bankman-Fried (SBF) .
The latest reports revealed that FTX’s bankruptcy team is looking for a way to recover all the money from the sports starts, which have been sent for promotion by the FTX exchange in the past.
SBF is currently in jail despite being found not guilty of the fraud charges. Since the bankruptcy of the FTX exchange, SBF had been granted a bail of $250 million, but he was recently found to have violated the bail conditions and as a result of this action, the court revoked his bail.
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