Despite the fact that the FTX chapter was two months in the past, the difficulty is much from over for the crypto business. At present, new FTX CEO John Ray and his workforce are working to seek out as many liquid property as doable to make up for the client losses.
As Bitcoinist reported yesterday, they’ve managed to get well round $5 billion in liquid property. “We now have positioned 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.
Huge Crypto Dump Coming?
What could 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 might result in great promoting strain within the crypto market.
Whereas Dietderich additionally pressured that the authorized workforce remains to be working to create correct inside information, which might imply that the sale can be pushed again a bit, the liquidators might additionally take a staggered strategy to the method.
The FTX lawyer additionally revealed that the recovered funds don’t embody the property seized by the Bahamas Securities and Change 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 include the illiquid FTT tokens, Dietderich stated.
Which Altcoins Might 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, in response to Grogan, is Solana (SOL), of which FTX owns more than $700 million. To this, nonetheless, the Coinbase director notes that almost all of them are locked, so he isn’t 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 may very well be offered on an open market.
On the identical time, Grogan acknowledged that the $4.6 billion is probably going not simply altcoins, but in addition Robinhood shares, different shares, and actual property. “400 million in Robinhood is a major quantity that’s most likely pretty valued. The remainder… Exhausting 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 acquired 30 million USDC from “Alameda Analysis 25” a couple of hours in the past.
The pockets at present holds crypto value $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) worth stood at $16.27. The worth nearly doubled because the backside at $8.16 on December 29.
Featured picture from 3844328 / Pixabay, Chart from TradingView.com