Since FTX’s collapse last year, the new board has done everything it can to raise money. On Wednesday, the crypto exchange received the green light from the judge to sell its crypto assets. In total, this involves Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other assets worth $3.4 billion.
Billions in Bitcoin, Ethereum and Solana
Creditors have been waiting for money for almost a year. Thousands of customers suffered when FTX unexpectedly closed its doors last November. In total, the amount owed by FTX is estimated at $7 billion. Selling the more than $3 billion in crypto assets will help close this gap.
The court noted that FTX currently owns the following assets: $1.16 billion in Solana, $560 million in Bitcoin, $192 million in Ethereum, and $137 million in Aptos (APT).
FTX has put in place a plan to sell the tokens as efficiently as possible. This will have a weekly limit of $100 million per token. This limit can be up to $200 million. It is also noted that sales of Bitcoin, Ethereum and stablecoins do not count towards this limit. So based on this information, it is only selling Solana and Aptos tokens.
As part of the sale plan, Galaxy Digital, a giant in the crypto world, will oversee the sale of the assets. The sale of the tokens is expected to put pressure on the crypto markets.
Previously, it was noted that the fear of a possible dump was largely unnecessary, due, among other things, to the restrictions on sales. But now that Bitcoin and Ethereum, among others, are not included, this may still put pressure on these two cryptocurrencies.
How is the former FTX CEO?
Former FTX CEO Sam Bankman-Fried is no longer involved in any of these activities. He is in prison awaiting his trial, which will begin in October. He is accused of several crimes, including fraud and money laundering. Several former board members of the exchange have already pleaded guilty and will testify in the lawsuit against Bankman-Fried. So things aren’t looking good for the former crypto messiah.