FTX Seeks Court Approval to Sell Trust Assets Owned by Grayscale and Bitwise
The recently bankrupt crypto exchange FTX has filed a request with a Delaware court to sell trust assets owned by Grayscale and Bitwise, which have a combined value of $744 million. The aim is to use the proceeds to pay off debts in US dollars and potentially sell the assets at a discounted price.
FTX and its debtors argue that selling these trust assets to one or more buyers would reduce costs and eliminate the need for multiple individual solicitations for each proposed sale under the sales procedures.
This legal action stems from a lawsuit filed by FTX and Alameda Research against Grayscale Investments in March, where they sought the release of funds held for shareholders of the Grayscale Bitcoin and Ethereum Trusts.
The trust assets under consideration include approximately $691 million held across five Grayscale Trusts and an additional $53 million managed by Bitwise. These trusts offer investors exposure to digital assets without direct ownership.
SOL Experiences 5% Dip as FTX Estate Token Transfers
The FTX estate recently transferred 750,000 Solana (SOL) tokens worth around $30 million to cryptocurrency exchanges Binance and Kraken. This move, which could indicate an impending sale, caused a 5% decrease in SOL’s price within 24 hours.
The FTX estate has shifted a total of $102 million worth of SOL through various transactions, creating significant selling pressure on the token. SOL is a major asset on the FTX estate’s balance sheet, with a total value exceeding $1.16 billion.
Despite the recent dip, SOL has demonstrated strong performance, with nearly a 70% increase in value over the past month.
SBF Found Guilty; Possible 115-Year Sentence
In a recent verdict, FTX founder Sam Bankman-Fried (SBF) was found guilty on seven counts, including wire fraud and money laundering. The jury trial outcome suggests he may face a lengthy prison sentence, potentially up to 115 years. However, experts believe the actual sentence might be closer to 15-20 years. The implications of this legal battle are significant for SBF and the future of FTX.
Hot Take: FTX’s Bankruptcy Battle Continues with Asset Sale Request
FTX’s bankruptcy saga takes a new turn as the exchange seeks court approval to sell trust assets owned by Grayscale and Bitwise. With a combined value of $744 million, these assets could provide much-needed funds to pay off debts and potentially be sold at a discounted price. This move aims to streamline the sale process and cut costs for FTX and its debtors.
Meanwhile, the FTX estate’s token transfers, particularly involving Solana (SOL), have put downward pressure on SOL’s price. Despite this, SOL has shown resilience with strong performance over the past month.
Furthermore, FTX founder Sam Bankman-Fried’s recent guilty verdict on multiple charges has raised concerns about his potential prison sentence, which could have significant consequences for both him and the future of FTX.
By
By
By
By
By