FTX, the bankrupt digital currency exchange founded by Sam Bankman-Fried, is making significant moves in its token portfolio, fueling speculations of imminent asset sales. Following permission from a U.S. bankruptcy court, FTX has started rearranging its token portfolio with the help of Galaxy Digital to sell, stake, and hedge around $3.4 billion in crypto assets. This comes as Bankman-Fried faces charges of fraud and money laundering related to the collapse of FTX. Despite the accusations, Bankman-Fried maintains his innocence. Before its downfall, FTX played a major role in the crypto space and was the third-largest multi-asset trading platform by volume. However, it faced instability after the TerraUSD and LUNA crash in May 2022 and the departure of key executives. Recent movements of FTX-related money indicate the company’s intention to liquidate its crypto assets.
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