The bankrupt stock exchange holds for 744 million dollars from parts in the crypto trusts from Grayscale. With theendorsement of the justice, FTX will proceed to the sale of these assets to repay its creditors.
The administrators of FTX continue the hunt for the company’s assets as part of the restructuring. The exchange has already obtained the green light from the courts to sell off its cryptocurrencies.
The next step in raising funds will be to exit the Grayscale trusts in which the exchange holds shares. The asset manager offers investors indirect exposure to various tokens, including ETH, BTC and SOL.
7 billion already recovered by FTX
According to documents filed with the courts by the company in October, it holds $744 million in trusts managed by Grayscale. These assets are to be sold, as the court now allows.
This will enable the company to further increase its capital, which can then be used to repay its numerous creditors. To date, FTX’s administrators have managed to recover around $7 billion, including $3.4 billion in various – more or less liquid – tokens.
Liquid cryptocurrency holdings have already been transferred to centralized exchanges for sale. Of these, $1 billion worth of Solana tokens have already begun to be sold.
To prevent a price collapse and hence a depreciation of FTX’s capital, transactions are staggered over time and spread across several CEXs.
SOL sales and $953M demanded from Bybit
On Binance, sales are taking place at the rate of 50 to 60 SOL per day. Over two weeks, Kaiko calculated that 500,000 Solana tokens were sold.
At the same time, smaller transactions were taking place on OKX and Bybit. The latter exchange has also had a run-in with FTX managers.
The latter are demanding the return of $953 million from Bybit, accusing it of taking advantage of its VIP status to recover its funds just before it filed for bankruptcy. Its subsidiaries are alleged to have taken advantage of benefits to withdraw assets.
Of the $953 million claimed, $327 million was obtained between November 7 and 8, during the FTX withdrawal freeze period, which in principle applied to all customers.
Citing the law, the directors are demanding the return of these assets, which they claim should not have been obtained while the company was preparing to file for Chapter 11 protection. And this despite the fact that Bybit is the rightful owner of the nearly $1 billion in tokens.
To keep abreast of the latest Crypto and Web3 news, click here. Coins.fr on TwitterLinkedin, Google, Facebook and Telegram