FTX, one of the exchanges that was in 2nd place by trading volume but collapsed in November 2022 will apparently appear in the Delaware bankruptcy court on Wednesday, September 13, 2023 to seek court approval to liquidate their $3.4 Billion USD worth of assets in Bitcoin and other crypto assets.
This news comes after FTX (now led by a bankruptcy legal expert) intends to hire blockchain company Galaxy Digital to supervise the sale and management of the recovered user funds. If approved, FTX could earn $100 Million USD in crypto assets, with up to $200 Million USD in individual assets each week.
According to data in January, the estimated crypto assets held by FTX include $685 Million USD in locked Solana (SOL), $529 Million in FTT, $268 Million in BTC, $90 Million in Ethereum (ETH), and $42 Million in Dogecoin (DOGE) & other cryptos.
Currently, the crypto world is anxiously awaiting the court’s decision because there is a possibility that FTX will sell their crypto assets which could make the market even more bearish than it already is. Take for example the Solana market, one of the largest assets of FTX. The bullish momentum that SOL initially experienced due to cooperation with credit card giant Visa passed by and immediately made SOL dump.
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