Although the FTX chapter was two months in the past, the difficulty is much from over for the crypto trade. At the moment, new FTX CEO John Ray and his workforce are working to search out as many liquid property as doable to make up for the shopper losses.
As Bitcoinist reported yesterday, they’ve managed to recuperate round $5 billion in liquid property. “Now we have situated over $5 billion of money, liquid cryptocurrency and liquid funding securities,” Andy Dietderich, an lawyer for FTX stated Wednesday in U.S. Chapter Court docket in Delaware.
Large Crypto Dump Coming?
What might have been much more noteworthy was Dietderich’s assertion that FTX plans to dump non-strategic holdings with a e book worth of $4.6 billion, which may result in super promoting stress within the crypto market.
Whereas Dietderich additionally harassed that the authorized workforce remains to be working to create correct inner data, which may imply that the sale will probably be pushed again a bit, the liquidators may additionally take a staggered method to the method.
The FTX lawyer additionally revealed that the recovered funds don’t embody the property seized by the Bahamas Securities and Alternate Fee, which Dietderich estimates at solely $170 million, whereas Bahamian authorities put the worth as excessive as $3.5 billion. That’s as a result of the funds primarily encompass the illiquid FTT tokens, Dietderich stated.
Which Altcoins May Be Hit The Hardest?
Coinbase director Conor Grogan has been wanting via all wallets to find out which altcoins FTX nonetheless owns. The most important crypto place, based on Grogan, is Solana (SOL), of which FTX owns extra than $700 million. To this, nevertheless, the Coinbase director notes that almost all of them are locked, so he’s not certain why they may have counted them.
That is adopted by $575 million in FTT, $371 million MAPS, $127 million OXY, $90 million WBTC, $82 million BONA, and round $500 million “in different random” Solana-based (SPL) tokens.
“My easy mannequin is that the property desires a ‘win’ and good publicity to speak via all of the progress they’ve made,” Grogan claimed and continued on to say that in his opinion, the $5 billion determine is much too excessive for what might be offered on an open market.
On the similar time, Grogan acknowledged that the $4.6 billion is probably going not simply altcoins, but additionally Robinhood shares, different shares, and actual property. “400 million in Robinhood is a big quantity that’s in all probability pretty valued. The remaining… Arduous to say,” the Coinbase director stated.
In the meantime, the on-chain evaluation service “Lookonchain” has drawn consideration to the Alameda property receiving pockets, which obtained 30 million USDC from “Alameda Analysis 25” just a few hours in the past.
The pockets at the moment holds crypto price $167 million, together with 100 million BIT ($46.6 million), 41 million USDT, 31.8 million USDC, 17,177 ETH ($24 million), 4.6 million SUSHI ($5.2 million), 10 million WXRP ($3.76 million), 6.86 million RNDR ($3.2 million), and 6.86 million SRM ($1.6 million).
At press time, the Solana (SOL) value stood at $16.27. The worth virtually doubled for the reason that backside at $8.16 on December 29.
Featured picture from 3844328 / Pixabay, Chart from TradingView.com
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