1 year ago
The transportation of millions successful altcoins has ignited concerns of FTX creating a imaginable dump crossed the crypto markets.
A wallet owned by bankrupt crypto speech FTX has moved $10 cardinal worthy of integer assets from the Solana (SOL) web to Ethereum, sparking concerns it could beryllium the opening of a bid of token dumps amid the exchange’s bankruptcy proceedings.
According to information from blockchain analytics level Arkham Intelligence, since Aug. 31, the FTX wallet has transferred $6.23 cardinal worthy of Ether (ETH) and much than $4 cardinal successful altcoins.
These included $1.2 cardinal of FTX Token (FTT), $1.8 cardinal worthy of Uniswap (UNI), $1.3 cardinal of HXRO (HXRO), $550,000 worthy of SushiSwap (SUSHI) and $260,000 worthy of Frontier Token (FRONT), to different FTX wallet by mode of the Wormhole Bridge.
— Pump House (@pumphouz) September 3, 2023On Aug. 24 FTX proposed a program to appoint Mike Novogratz’s Galaxy Digital Capital Management arsenic the concern manager charged with overseeing the merchantability and absorption of its recovered crypto holdings.
According to the plan, the FTX property would lone beryllium permitted to merchantability $100 cardinal of the tokens per week, however, that bounds could beryllium raised to $200 cardinal connected an idiosyncratic token basis. These limits are intended to minimize the interaction of token income portion simultaneously allowing FTX to marque creditors whole.
In summation to this plan, the speech besides filed a abstracted question to hedge its larger holdings of Bitcoin (BTC) and Ether.
While the propositions acceptable guardant successful the filings are not yet legally binding, the lawsuit of FTX token income is expected to travel earlier the Delaware Bankruptcy Court connected Sept. 13.
Related: FTX tribunal filing reveals erstwhile Alameda CEO’s $2.5M yacht purchase
In an April 12 hearing, FTX disclosed that it had recovered astir $7.3 billion successful liquid assets, with $4.8 cardinal of that sum being comprised of assets recovered arsenic of November 2022.
According to documents raised successful the hearing, FTX held a full of $4.3 cardinal successful crypto assets disposable for stakeholder betterment astatine marketplace prices arsenic of April 12.
FTX assets disposable for stakeholder betterment arsenic of April 12. Source: Sullivan and CromwellThe existent reorganization program for FTX includes a imaginable reboot of the cryptocurrency exchange, with FTX CEO John Ray III saying that the institution had “begun the process of soliciting funny parties to the reboot of the FTX.com exchange.”
According to FTX lawyers, the motorboat of the caller speech is expected to beryllium completed sometime successful the 2nd 4th of 2024.
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