FTX and Alameda Research liquidated a significant portion of its crypto assets worth $98 million last month. Companies that created a big hit with its collapse often sold their Solana assets to pay back their customers.
More Selling Coming from FTX and Alameda Research?
Data from Arkham Intelligence according toWallets associated with , FTX and Alameda Research had $97.35 million in sales last month. The wallet contains $33.85 million worth of BOBA and $11.22 million worth of ETH. On the other hand, the exchange continues to control more than 78% of FTT supply.
Alameda Research holds significant positions in various assets, including $140 million worth of WLD, $102 million of BIT, $93 million of BTC, and $48 million of STG. Therefore, there is still a risk that these two companies will divest their shares in the future.
Tagged FTX and Alameda wallets have sent a combined $97.35M to be liquidated in the past month.
NEWS CONTINUES BELOWFTX still holds $33.85M in BOBA and $11.22M in ETH – in addition to over 78% of the FTT supply.
Alameda’s main holdings are $140M of WLD, $102M of BIT, $93M of BTC and $48M of STG.… pic.twitter.com/bUpuJm9FSQ
NEWS CONTINUES BELOW— Arkham (@ArkhamIntel) May 9, 2024
Repayment Plan is Starting
Investor interest in FTX receivables has increased following the draft rescue plan, which calls for a 118% recovery rate for the majority of creditors.
Louis Origny, Chief Technology Officer at FTXCreditor, which has already received more than 2,100 requests, predicts an increase in demand buying activity. Origny explained that he identified two factors contributing to this expectation. The first is that the disclosure text refers to a potential 30% tax withholding rate for customers outside the USA, which may prompt receivable holders to sell their receivables in the secondary market, and the second is that not all receivable holders will be able to cash their USD checks.
FTX creditors will get OVER 100% of their money back, but @LouisOrigny (co-founder of @ftxcreditor_com) & I discuss why this is a deceptive statement & break down the pros/cons of FTX’s new plan. A LOT of customers are getting screwed (feat. @arush). pic.twitter.com/cvOekwUpQL
— Tiffany Fong (@TiffanyFong_) May 10, 2024
On the other hand, creditors also express their opposition to the repayment plan. Because the primary problem is that the bankruptcy estate will lose customers in November 2022. crypto- It stops the valuation of its assets and this coincides with the bottom of the bear market. For this reason, creditors are demanding repayments in crypto assets instead of USD.
