Bankrupt Exchange FTX Wants To Sell $4.6 Billion Worth Of Altcoins To Pay Creditors
FTX Derivatives Exchange, a bankrupt digital currency trading platform, could soon offset the balance of the crypto industry. planned sale An altcoin worth $4.6 billion. As one of his lawyers, Andy Dietderich, has revealed, a total of $5 billion in liquidity has been uncovered, with plans to sell the stated value of non-strategic altcoin holdings. there is.
Since FTX filed for bankruptcy in November, current chief executive John Ray III and his team of liquidators have sought to mine cash that could be used to pay back the exchange’s bulk creditors. I have explored various means of
When FTX collapsed, it declared that the number of its creditors was at least 100,000 and could reach 1 million overall. These customers have debts totaling around $8 billion, and the exchange’s current drivers are agonizing over whether to liquidate all the valuable assets the company currently has.
As part of its need to raise capital, the company is seeking permission to sell four wholly-owned subsidiaries, including FTX Europe and Embed Technologies. A fair relief for exchange creditors may be on the horizon as the reveal of over $4.6 billion in altcoins available for sale.
Potential market impact
If FTX is given permission to liquidate altcoins as planned, the market could react in the opposite direction to popular expectations. The fact that is the sum of the monetary values of various tokens helps greatly mitigate the impact of a potential sale.
Earlier reports revealed that the exchange’s native token, FTT, dominated the assets on the exchange’s balance sheet, but the coin has been slated to make up for previous coin price plunges. Significant declines are likely to be recorded.
