Litecoin

Galaxy

Grayscale Bitcoin Trust

Ethereum Classic

Bankrupt cryptocurrency exchange FTX has been given the green light to sell around 32 million shares held in various digital asset trusts as part of its efforts to recover funds. 
According to a Nov. 29 <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjYwMjgzNg==&amp;id2=-1" target="_blank" rel="noopener">filing </a>in a Delaware bankruptcy court, crypto exchange FTX has received approval to sell approximately $873 million of trust assets, with the proceeds earmarked for repaying creditors affected by the exchange’s downfall in 2022. 
“The debtors are authorized, but not directed, to execute sales of the trust assets, in their reasonable business judgment, in accordance with the following sale procedures,” the filing said. 
Galaxy, a prominent crypto investment firm, has seen its role expanded in assisting FTX with the asset sales, as per the latest court filings. Earlier this year, FTX had appointed Galaxy to manage its extensive digital asset holdings, a decision that now seems pivotal in the ongoing recovery process. 
 You might also like: <a href="https://crypto.news/ftx-token-rises-sharply-on-hopes-of-exchanges-rebirth/"> FTX token rises sharply on hopes of exchange’s rebirth </a> 
The assets earmarked for sale include FTX’s stakes in trusts issued by Grayscale Investments and custody service provider Bitwise. The Grayscale stakes are currently valued at $807 million, while the Bitwise assets stand at $66 million. 
Notably, the total asset value was listed as $744 million in the court document, a figure based on the valuation as of Oct. 25, 2023. The increase to $873 million reflects the <a href="https://crypto.news/analyst-believes-bitcoin-to-go-parabolic-soon/">recent surge</a> in the value of cryptocurrencies like Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>). 
The approval comes almost a month after FTX debtors<a href="https://crypto.news/ftx-is-ready-to-sell-grayscale-and-bitwise-trust-assets/"> submitted a request</a> to Judge John Dorsey on Nov. 3, seeking permission to sell six cryptocurrency trusts, including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund (BITW). 
FTX currently owns over 22 million units of the Grayscale Bitcoin Trust (GBTC), now valued at $691 million, and 6.3 million shares of the Grayscale Ethereum Trust (ETHE), currently worth approximately $106 million. Additionally, FTX is authorized to sell its stakes in Grayscale’s Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN), and Digital Large Cap Trust (GDLC). 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="777" height="230" src="https://crypto.news/app/uploads/2023/11/7580e5f4-7168-4783-893d-72a8d45b3cc5.webp" alt="FTX approved to sell assets worth $873m for creditor repayment - 23" class="wp-image-14221952" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 FTX’s holdings in Grayscale and Bitwise, valued at $744 million on October 25, have since appreciated in value | Source: Kroll
 </figcaption>
</figure> 
Since the collapse of Sam Bankman-Fried’s former empire in Nov. 2022, FTX’s administrators, under the leadership of John J. Ray III, have been diligently working to recover assets. 
Since the collapse of Sam Bankman-Fried’s crypto empire in Nov. 2022, FTX’s administrators, led by John J. Ray III, have been diligently working to recover assets. To date, around<a href="https://crypto.news/ftx-recovers-7b-making-strides-in-creditor-repayment/"> $7 billion has been reclaimed</a>, with almost half in the form of cryptocurrencies ($3.4 billion). 
In June, FTX’s debtors estimated the total amount of customer assets misappropriated was $8.7 billion. 
Meanwhile, Bankman-Fried was <a href="https://crypto.news/ftx-founder-sam-bankman-fried-is-guilty-to-all-charges-crypto-community-reacts/">convicted on seven fraud-related charges </a>on Nov. 2 and is awaiting sentencing, which is scheduled for March 28. He is currently detained at Brooklyn’s Metropolitan Detention Center, where he recently <a href="https://crypto.news/sam-bankman-fried-swaps-bitcoin-for-mackerel-in-prison/">reportedly exchanged</a> four mackerels for a haircut, highlighting the stark contrast to his <a href="https://crypto.news/ftx-sam-bankman-fried-lush-lifestyle-ftx-downfall/">previous lavish lifestyle</a>. 
 Read more: <a href="https://crypto.news/forbes-publishes-under-30-wall-of-shame-ranking-sam-bankman-fried-carolyn-ellison-and-martin-shkreli-on-list/"> Forbes publishes ‘Under 30 Wall of Shame’ with Sam Bankman-Fried, Caroline Ellison and Martin Shkreli on list </a>

FTX approved to sell assets worth $873m for creditor repayment

crypto.news

在 2023年11月30日發表的其他文章

Binance, Not Licensed To Render Services To Citizens in Philippines: SEC

Binance expanded investments in lobbying just before guilty plea

Binance trials triparty agreement to reduce counterparty risk for investors

Exploring the Dynamic Landscape of Cryptocurrency Prices and Trends

Dogecoin’s slow recovery overshadowed by Rebel Satoshi’s growth in presale

Understanding Dogecoin’s Inflation and Its Economic Impact on Crypto Value

訂閱免費電子報，每天收取加密貨幣最新動態！