Litecoin

Million

Grayscale Bitcoin Trust

Ethereum Classic

<ul class="list-ic vertical"> 
 <li> 1 <a>FTX recently got approval to sell the trust assets worth $873 Million.</a> </li> 
 <li> 2 <a>The Grayscale Investments trusts, valued at $807 Million, and the Bitwise trust, valued at $66 Million, will contribute to the substantial sum of $873 Million set for liquidation.&nbsp;</a> </li> 
</ul> 
FTX recently got approval to sell the trust assets worth $873 Million. The beleaguered cryptocurrency exchange got approval from the Delaware bankruptcy court. After the approval, the firm can move ahead with the much-awaited sale of assets.&nbsp; 
The company noted in a November 29, 2023 filing that it looks at paying back the creditors from the proceedings generated after the sale of assets. The said creditors saw significant losses on their investments given the abrupt fall of once once-leading cryptocurrency exchange firm.&nbsp; 
The assets earmarked for sale primarily include FTX’s stakes in trusts issued by two key players in the crypto space: Grayscale Investments and Bitwise. The Grayscale Investments trusts, valued at $807 Million, and the Bitwise trust, valued at $66 Million, will contribute to the substantial sum of $873 Million set for liquidation.&nbsp; 
It’s noteworthy that the provided valuation figure in the court document is as of October 25, 2023, with the assets experiencing an increase in value since then. 
This court-approved decision comes nearly four weeks after FTX debtors submitted a motion on November 3, seeking authorization to sell six cryptocurrency trusts. These trusts notably include the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund. 
Breaking down the assets, the Grayscale Bitcoin Trust (GBTC) holds the lion’s share, with nearly 22.3 Million units valued at $597 Million. Following closely, the Grayscale Ethereum Trust (ETHE) possesses 6.3 Million units worth $87 Million.&nbsp; 
<a href="https://www.thecoinrepublic.com/2023/11/23/ftx-token-price-surges-285-in-november-whats-cooking-in-ftt/" target="_blank" rel="noreferrer noopener">FTX</a> is now granted the authority to sell additional trusts, including Grayscale’s Ethereum Classic Trust, Litecoin Trust, and Digital Large Cap Trust, enabling the recovery of funds for customers adversely impacted by the exchange’s collapse. 
FTX’s journey into bankruptcy was marked by a scathing assessment by the court-appointed CEO, John Ray III. He highlighted a systemic failure of corporate controls, inadequate documentation of financial transactions, and substantial misuse of user funds by the affiliated trading firm Alameda Research during Congressional testimony in December. 
Since the collapse, administrators have been actively engaged in asset recovery efforts. To date, approximately $7 Billion in assets has been recovered, with cryptocurrencies contributing nearly half of that sum, totaling $3.4 Billion. In June, FTX’s debtors estimated that the total amount of misappropriated customer assets reached $8.7 Billion. 
Adding a legal dimension to the aftermath, former FTX CEO Sam Bankman-Fried was convicted of fraud on November 2. The approval to sell trust assets signifies a significant step forward in addressing the financial repercussions of FTX’s bankruptcy, aiming to provide restitution to creditors adversely affected by the platform’s downfall.

FTX Gets Approval for Selling $873Mn Crypto; Will Repay Creditors

Thecoinrepublic.com

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