The cryptocurrency market is witnessing hard sales today. The background to this is undoubtedly the development of the bankrupt cryptocurrency exchange FTX. Accordingly, FTX requested permission to liquidate $3.4 billion worth of crypto assets. An altcoin draws attention in the emerging reserves of the crypto exchange.
Solana and Bitcoin are at the forefront of FTX assets!
cryptokoin.comAs you follow from , FTX filed for bankruptcy last year. However, some previous developments have raised doubts about executives, including founder Sam Bankman-Fried. Because it was revealed that the stock exchange paid billions of dollars to Bankman-Fried and executives before the bankruptcy filing. Bankrupt FTX’s assets consist of approximately $7 billion in assets, including $1.16 billion in Solana (SOL) and $560 million in Bitcoin (BTC), according to a court filing filed Monday.
Here, attention shifts to Solana, which accounts for almost half of the total cryptocurrency assets. As a matter of fact, SOL suffered a serious loss in value with the expectation that FTX would liquidate assets. Meanwhile, the presentation includes details of billions in payments the company, previously one of the world’s largest crypto exchanges, made to senior executives, including founder Sam Bankman-Fried, before filing for bankruptcy in November.
Bankrupt crypto exchange has $3.4 billion worth of cryptocurrencies
FTX collapsed after CoinDesk released disclosures about the state of its balance sheet last year. New CEO John J. Ray III keeps saying how bad the financial controls are at the company. However, Bankman-Fried denied multiple fraud charges. Meanwhile, expectations are that the trial will begin next month.
The document reveals that the company had secured $1.5 billion in cash, in addition to the $1.1 billion it held on November 11, and also held $3.4 billion worth of cryptocurrencies as of August 31. This is in addition to more than 1,300 other lesser-known and potentially less liquid tokens like MAPS and Serum (SRM) worth hundreds of millions of dollars.
FTX seeks court permission to sell crypto assets
The presentation also details $2.2 billion in cash, crypto, equity and real estate taken by Bankman-Fried and other executives, including Nishad Singh, Zixiao Wang and Caroline Ellison, in the months before the bankruptcy. This is important. That’s because US law allows such payments to be withdrawn and added to assets that can be distributed to creditors.
The document also includes 38 apartments in the Bahamas with an estimated value of approximately $200 million. In addition, the document includes lofts and other properties. The company’s new management is also trying to claw back donations made to politicians and charities such as the Metropolitan Museum of Art in New York. Meanwhile, FTX has requested permission from a judge in New York to start selling crypto assets. Thus, it will be possible for him to return the funds to creditors in cash.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!