FTX quickly recovered from the bankruptcy process that started around the same time last year and increased its asset value to 438 million dollars. The new management moved a total of millions of dollars of assets with the altcoin transfers it made this morning.
Crypto Value Reached 438 Million Dollars.
According to on-chain data, the company transferred 250 thousand SOL (about $13.5 million), 8.27 million MATIC (about $7.41 million) and 1500 Ether (about $3.1 million) to the Kraken and OKX exchanges overnight. With these transfers, the total altcoins sent by FTX to the exchanges reached 438 million dollars. So far, FTX has transferred a total of 42 different types of cryptocurrencies to exchanges.
Locked until 2027
As it is known, most of the more than 42 million altcoins SOL held by FTX are locked until 2027. These Solana tokens are worth a total of $2.2 billion. However, the amount of SOL that the company can sell in liquid form is only 3408 units. Solana tokens will begin to be unlocked from 2024, but the majority will be released in 2027 and 2028.
A Long Term Strategy
This rapid recovery of FTX and its new transfers stand out as a remarkable development in the cryptocurrency world. The fact that a large portion of the company’s locked assets will be released in the future can be seen as a reflection of FTX’s long-term strategy.
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