FTX and Alameda Active Selling off Assets
Within the past 24 hours, FTX and Alameda have transferred a total of $36.01 million worth of MATIC and AVAX to various exchanges. This demonstrates their commitment to settling debts with creditors amidst the bankruptcy battle.
FTX Continues to Offload Assets
FTX has deposited $36.01 million worth of MATIC and AVAX to different exchanges. Coinbase and FalconX received 22.6 million MATIC valued at $17.2 million, while FalconX obtained 975,859 AVAX worth $18.83 million. These transfers suggest a strategy to settle outstanding debts.
SOL has been the most transferred asset in the period, with about 6.9 million tokens worth $280.2 million moving between wallets. Other assets include ETH, MATIC, RNDR, LINK, DYDX, GRT, LDO, MKR, MANA, BAND, CHZ, SUCHI, ENS, and MASK in that order.
FTX creditors have recently been offered as much as $0.6 to $0.65 on the dollar, a 30% increase from what they were presented in October, indicating potential progress in reaching settlements.
FTX Case Continues with New Developments
A motion to delay bankruptcy proceedings in the FTX saga was denied by Judge John Dorsey, signaling the need to start complex discovery now rather than delay. This motion was brought forward by the attorney for Brandon Williams, one of the defendants, seeking more investigations into FTX’s insolvency between November 2021 and October 2022.
Hot Take
FTX and Alameda’s continued divestment of assets and the ongoing legal battle suggest a complex road ahead for both entities. The recent increase in offers to creditors indicates a potential shift in the bankruptcy battle.
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