Read

/send

<div class="protos">
 <div>
  <div>
   <div> 
    <p>The bankruptcy court has approved the <a rel="dofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> debtors-in-possession guidelines for the liquidation of digital assets. This <a rel="dofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> doesn’t mean that the estate will start selling assets soon, but it does discuss how it would sell these assets.</p> 
    <p>The plan details a ‘weekly limit’ of $50 million in sales in the first week and up to $100 million per week if it asks for permission to increase it, and it can permanently increase it to $200 million per week with permission of the court.</p> 
    <p>The plan further details how if it needs to begin selling bitcoin, ether, or insider-affiliated tokens, it needs to provide 10 days notice to the committees and trustees before commencing. This provides credit committees and the trustee with an opportunity to object to the sales if it feels they aren’t appropriate.&nbsp;</p> 
    <p>The debtors are also able to purchase derivatives like calls and puts in order to help hedge the price impact of sales of bitcoin and ether or other approved assets.</p> 
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
     <div class="wp-block-embed__wrapper"> 
      <blockquote class="wp-embedded-content" data-secret="76A07EHOPV">
       Joseph Bankman warned Scaramucci about FTX
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Joseph Bankman warned Scaramucci about FTX” — Protos" src="https://protos.com/joseph-bankman-warned-scaramucci-about-ftx/embed/#?secret=LtyyLmBWHk#?secret=76A07EHOPV" data-secret="76A07EHOPV" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
     </div>
    </figure> 
    <p><em>Read more: <a rel="dofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> firm had agreement with Bitfinex for ‘fiat integration’</em></p> 
    <p>The plan does also authorize the estate to utilize staking for assets it controls if it believes that will benefit the estate as a whole.&nbsp;</p> 
    <p>The recent amended statement of financial affairs that the estate filed detailed a total of $26 million in its bank accounts and <strong>a total of approximately $10 billion in various cryptocurrencies</strong>, though this value is based on the time <a rel="dofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> declared bankruptcy and it is unlikely it would receive anywhere near this amount in a liquidation scenario.&nbsp;</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
   </div>
  </div> 
 </div> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/ftx-gets-approval-to-liquidate-its-crypto-here-s-the-plan-tbt62768.html">https://thebittimes.com/ftx-gets-approval-to-liquidate-its-crypto-here-s-the-plan-tbt62768.html</a></p>

FTX gets approval to liquidate its crypto — here's the plan

TheBitTimes

Other articles published on Sep 14, 2023

Bitcoin, Ethereum, and Solana Ascend Post-U.S. CPI Data Reveal

OKX delists over 30 crypto pairs due to non-compliance

VeChain Price Forecast 2023: Can VET Show One Way Run Upto $1?

Sui Network adds Google, Twitch, and Facebook logins for dapps

New Yield Farming Platform Raises $1.75 Million In Bear Market With 50% Of Tokens Staked For 300%...

Bybit to Leave UK Due to New Regulations

Join our free newsletter for daily crypto updates!