Exchange in bankruptcy FTXwith more than 3 billion dollars at BTC, SOL and others tokensis expected to sell up to 100 million dollars from crypto by week.
On Wednesday, the bankrupt cryptocurrency exchange platform of alleged swindler Sam Bankman Fried obtained theapproval from court in Wilmington, Delaware for exchange its stock of digital coins for US dollars in order to repay its numerous creditors, reported Reuters.
Valued at 3.4 billion dollars and mainly composed of Solana (SOL), Bitcoin (BTC) and Ethereum (ETH), the FTX crypto treasure should thus begin to be liquidated while a lawsuit contesting the company’s ownership of a significant portion of the tokens is still pending.
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The stock exchange will be able to sell up to 100 million dollars of cryptocurrencies per weekdepending on market prices. However, sales could increase to 200 million dollars per week in the event of agreement between the two creditor committees.
At the hearing, Judge John Dorsey dismissed the concerns raised by customers of the platform, who felt that the sales could result in a falling prices on the crypto market.
Late August, FTX has hired Galaxy Digital to manage and sell its crypto holdings. The exchange aims to optimize liquidation in order to limit pressure on the market.
Since the conglomerate’s bankruptcy in the autumn of 2022, the new FTX team has managed to assemble around 7 billion in assetsincluding $3.4 billion in cryptocurrencies. According to the company, FTX.com owed $8.7 billion to its users before filing for bankruptcy.
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