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FTX Aims to Sell $744 Million in Crypto Assets to Pay Back Creditors

November 6, 2023
in General
FTX Aims to Sell $744 Million in Crypto Assets to Pay Back Creditors
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In a recent move, FTX and its debtors filed a motion in the Delaware bankruptcy court, signaling their intent to sell approximately $744 million worth of digital asset trusts managed by Grayscale and Bitwise. This significant transaction is part of the efforts to liquidate resources and provide recompense to the creditors impacted by FTX’s collapse.

The filing highlights the strategic approach to asset disposition, emphasizing the aim to capitalize on market conditions to maximize returns. FTX, once a top player in the crypto sphere, now seeks to navigate the volatile digital asset landscape to ensure creditors receive their due in a timely and fair manner.

Grayscale and Bitwise Trust Details

The assets in question comprise units in five different Grayscale Trusts, approximated at $691 million, and a single trust from Bitwise totaling $53 million. The trusts offer investors a slice of the digital currency pie without direct ownership, a model that gained traction as cryptocurrency sought mainstream legitimacy.

FTX’s proposed strategy includes establishing a pricing committee that represents all stakeholders, ensuring that asset sales are conducted with transparency and equitability. Moreover, the motion requires engaging an investment adviser to fetch competitive bids, bolstering the sale’s integrity.

Adding complexity to the sale is the ongoing litigation between Alameda Research, FTX’s sister firm, and Grayscale. The dispute arose over allegations against Grayscale concerning trust management and fee structures. The outcome of this litigation may well have implications for the value and control of the Grayscale Trust Assets.

Also Read – Sam Bankman-Fried Trial Update: Behind Bars or Bargains? FTX Founder’s Post-Verdict Dilemma

The BlockFi Dispute

Further complicating the matter is a dispute with BlockFi, where certain trust assets were pledged as collateral against loans just days before FTX’s bankruptcy filing. Resolving this dispute will be critical for determining the available assets for sale.

The FTX downfall continues to be a cautionary tale for the crypto industry, proving that even giants can falter amidst liquidity crises and regulatory scrutiny. The proposed sale is a critical juncture for FTX and its creditors, potentially setting a precedent for bankruptcy proceedings in the volatile crypto market.

As the situation develops, all eyes will remain on the Delaware bankruptcy court and the various legal outcomes shaping the future distribution of FTX’s remaining assets.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/news/ftx-aims-to-sell-744-million-in-crypto-assets-to-pay-back-creditors/

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