FTX Receives Approval to Sell $3.4 Billion in Digital Assets
According to a report by CoinDesk, the FTX estate has been granted approval to sell its digital assets worth $3.4 billion. Judge John Dorsey overruled two objections and approved the motion.
The Breakdown of FTX’s Assets
FTX’s assets include $1.16 billion in SOL, $560 million in BTC, $192 million in ETH, $137 million in APT, $120 million in USDT, $119 million in XRP, $49 million in BIT, $46 million in STG, $41 million in WBTC, and $37 million in WETH. These assets are being managed by Bitgo.
FTX’s Token Migration Process
Last week, FTX announced on social media that it was bridging tokens back to their original chains. The company has been actively migrating tokens from various blockchains to their native blockchains and transferring SOL and other tokens to Bitgo.
Potential Buyers for FTX’s Assets
There have been discussions about selling the assets over the counter (OTC) or through a public purchase. Andrei Grachev from DWF Labs expressed interest in buying the assets to provide creditors with the best execution price and prevent aggressive selling pressure. Tron founder Justin Sun is also considering making an offer to reduce the impact on the crypto community.
Hot Take: Potential Impact of FTX’s Asset Sale
The approval for FTX to sell its digital assets worth $3.4 billion could have significant implications for both the crypto market and FTX’s creditors. The sale of these assets may affect market capitalization and potentially trigger a selling pressure. However, potential buyers like DWF Labs and Justin Sun are considering stepping in to mitigate these risks and support the crypto ecosystem. The outcome of this sale will be closely watched by industry participants and investors alike.
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