Bankrupt Crypto Exchange FTX Seeks Court Approval to Sell $744 Million in Assets
FTX, a bankrupt crypto exchange, has requested permission from a judge to sell off its Grayscale and Bitwise assets, worth a total of $744 million, through an investment adviser. The move is aimed at protecting the company against potential downward price swings in the trust assets, maximizing the value of the debtors' estates, and allowing for forthcoming dollarized distributions to creditors. The trust assets include holdings of five different Grayscale Trusts valued at $691 million and holdings of a Bitwise-managed trust valued at $53 million. FTX filed for bankruptcy in November 2022 following accusations of mismanagement of funds by its CEO, Sam Bankman-Fried.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Expert Reveals Obstacle Keeping XRP Price from Big Rally as This Ripple Rival Aims for 12000x Run
Significant Bitcoin, Ethereum and Litecoin Move by US Giant Company
A major US company has announced that it will now accept various cryptocurrencies, including Bitcoin, from its customers.
Analysis Company Makes Prediction for Bitcoin After the US Election: “Even If Donald Trump Wins…”
Cryptocurrency analysis company QCP Capital made a new future prediction for the Bitcoin price in its statement.