Ethereum

Litecoin

Grayscale Bitcoin Trust

Ethereum Classic

<ul>
 <li>The earnings from the sale will go toward paying back FTX creditors.</li>
 <li>Assets totaling $873 million will come from FTX holdings in several trusts.</li>
</ul>
The bankruptcy court in Delaware approved the sale of around $873 million worth of trust assets held by the defunct crypto exchange <a href="https://thenewscrypto.com/defunct-crypto-exchange-ftx-transfers-36-million-worth-tokens/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> on November 29.&nbsp;
Assets totaling $873 million will come from FTX holdings in several trusts issued by <a href="https://thenewscrypto.com/bitwise-amends-spot-bitcoin-etf-proposal/" target="_blank" rel="noopener noreferrer nofollow">Bitwise</a> ($66 million), a custody service provider, and <a href="https://www.grayscale.com/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Investments</a> ($807 million). The entire assets mentioned in the court filing amount to $744 million. This is because the value number is as of October 25, 2023. Since then, the value of the assets has risen.
Moreover, the six cryptocurrency trusts, including Bitwise 10 Crypto Index Fund, Grayscale Ethereum Trust (ETHE), and Grayscale Bitcoin Trust (GBTC), were approved almost four weeks after FTX debtors moved Judge John Dorsey on November 3 to approve their sale.
<h3 class="wp-block-heading" id="h-repaying-creditors">Repaying Creditors</h3>
With an estimated market value of $691 million, FTX’s 22 million GBTC units are Grayscale’s most valuable Bitcoin product, while the exchange’s 6.3 million ETHE shares are valued around $106 million. The three trusts that FTX may now sell to compensate affected consumers are the Ethereum Classic Trust, the Litecoin Trust and the Digital Large Cap Trust.
<a href="https://www.nytimes.com/2022/12/13/technology/john-j-ray-iii-ftx-chief-executive.html" target="_blank" rel="noopener noreferrer nofollow">John J. Ray III</a>, who is in charge of FTX’s administration, has been trying to recoup assets ever since the collapse in November 2022. Also, the earnings from the sale will go toward paying back creditors who were affected by the exchange’s collapse in 2022.
Nearly half of the assets recovered so far—$3.4 billion—came from cryptocurrencies. The total amount recovered is roughly $7 billion. According to the debtors’ June assessment, FTX misappropriated $8.7 billion worth of client assets.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/wormhole-signals-big-moves-in-cross-chain-expansion/" target="_blank" rel="noopener noreferrer nofollow">Wormhole Signals Big Moves in Cross-Chain Expansion</a>

Bankruptcy Court Greenlights Defunct FTX to Sell $873M Worth Assets

Table of Contents

TheNewsCrypto

Другие статьи, опубликованные 30 нояб. 2023 г.

Flare Labs launches test version of FAssets on Coston network

Binance Takes Regulatory Turn

Top Compliance Challenges in Cryptocurrency and Web3

SEC Seeks Feedback on Fidelity’s Application for an Ethereum ETF

Analyst Forecasts Solana's Bullish Surge Amidst NFT Market Success

Polygon paid betting firm millions to be a really bad validator

Join our free newsletter for daily crypto updates!