2024

Solana

Arkham

<p>The post <a href="https://coinpedia.org/news/crypto-giants-ftx-and-alameda-research-in-97m-sell-off-frenzy-whats-next-for-investors/" rel="noopener noreferrer nofollow">Crypto Giants FTX and Alameda Research in $97M Sell-Off Frenzy: What’s Next for Investors?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Two bankrupt crypto firms FTX and Alameda Research have been actively liquidating their altcoin holdings as part of a <a href="https://coinpedia.org/news/ftx-and-alamedas-38-8-million-transfer-strategy-for-repayment-or-cause-for-concern/" rel="noopener noreferrer nofollow">debt repayment strategy</a>. According to reports, wallets associated with FTX and Alameda Research have transferred a combined total of $97.35 million in assets for liquidation purposes over the past month.</p>
<p>FTX is <a href="https://coinpedia.org/news/ftx-sell-off-fears-trigger-5drop-liquidating-125m-shorts-whats-next/" rel="noopener noreferrer nofollow">selling its Solana</a> (SOL) holdings to pay back customers, which raises concerns about more sell-offs in the coming days and increased market volatility.</p>
<h2 class="wp-block-heading" id="h-ftx-and-alameda-liquidation">FTX and Alameda Liquidation</h2>
<p>According to blockchain analytics from Arkham Intelligence, wallets linked to FTX and Alameda Research have been actively liquidating assets. FTX’s liquidated holdings include approximately $33.85 million worth of BOBA and $11.22 million in ETH, alongside its dominant control over <a href="https://coinpedia.org/price-prediction/ftx-ftt-price-prediction/" rel="noopener noreferrer nofollow">78% of the FTT token supply</a>.</p>
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   <p lang="en" dir="ltr">Tagged FTX and Alameda wallets have sent a combined $97.35M to be liquidated in the past month.<br><br>FTX still holds $33.85M in BOBA and $11.22M in ETH – in addition to over 78% of the FTT supply.<br><br>Alameda’s main holdings are $140M of WLD, $102M of BIT, $93M of BTC and $48M of STG.… <a href="https://t.co/bUpuJm9FSQ" rel="noopener noreferrer nofollow">pic.twitter.com/bUpuJm9FSQ</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1788601514350575699?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a>
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<p>On the other hand, Alameda Research a sister firm of FTX, holds substantial positions in various assets, including $140 million worth of WLD, $102 million in BIT, $93 million of BTC, and $48 million of STG. The scale of these holdings suggests the potential for further divestment by both companies.</p>
<h2 class="wp-block-heading" id="h-customer-compensation-plan">Customer Compensation Plan</h2>
<p>As part of the bankruptcy proceedings, FTX creditors whose claims amount to $50,000 or less are expected to receive approximately 118% of their allowed claim. The repayment plan indicates that around 98% of creditors will be compensated accordingly.&nbsp;</p>
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   <p lang="en" dir="ltr">FTX creditors will get OVER 100% of their money back, but <a href="https://twitter.com/LouisOrigny?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@LouisOrigny</a> (co-founder of <a href="https://twitter.com/ftxcreditor_com?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ftxcreditor_com</a>) &amp; I discuss why this is a deceptive statement &amp; break down the pros/cons of FTX's new plan. A LOT of customers are getting screwed (feat. <a href="https://twitter.com/arush?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@arush</a>). <a href="https://t.co/cvOekwUpQL" rel="noopener noreferrer nofollow">pic.twitter.com/cvOekwUpQL</a></p>— Tiffany Fong (@TiffanyFong_) <a href="https://twitter.com/TiffanyFong_/status/1788723823497687422?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 10, 2024</a>
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<p>Meanwhile, other claimants will receive their 100% claims along with substantial interest to compensate for investment time value.</p>
<p>On the other hand, <a href="https://coinpedia.org/news/ftxs-amended-plan-sparks-backlash-with-exculpatory-clause-and-repayment-changes/" rel="noopener noreferrer nofollow">many creditors are concerned</a> about the repayment plan, preferring crypto settlements due to asset valuation during the bear market in late 2022.</p>
<h2 class="wp-block-heading" id="h-what-s-next">What’s Next?</h2>
<p>FTX and Alameda Research have attracted attention due to recent asset liquidations, sparking concerns among creditors and investors in the crypto community. Meanwhile, FTX’s response to demands for crypto-based repayments is pending, adding to scrutiny over how crypto assets are handled in bankruptcy proceedings.</p>

Crypto Giants FTX and Alameda Research in $97M Sell-Off Frenzy: What’s Next for Investors?

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