FTX, a bankrupt crypto exchange, is seeking to hire Mike Novogratz's Galaxy as an advisor to help with selling, staking, and hedging its crypto holdings worth over $3 billion in order to maximize value and return funds to creditors in fiat currency rather than BTC or ETH.
Bankrupt crypto exchange FTX seeks to protect its remaining assets through hedging arrangements and generating yield, while also enlisting Mike Novogratz and Galaxy Digital as its investment adviser to preserve value for stakeholders and sell recovered digital assets.
FTX's transfer of $10 million worth of digital assets from the Solana network to Ethereum has raised concerns about potential token dumps amid the exchange's bankruptcy proceedings.
FTX, a prominent cryptocurrency exchange, favored top executives with transactions that enriched them just before its downfall in 2022, according to financial statements presented to the United States Bankruptcy Court for the District of Delaware.
The bankrupt crypto exchange FTX recently transferred $10 million worth of Solana (SOL) tokens to the Ethereum network, a move that may create instability in the cryptocurrency market, as FTX undergoes a bankruptcy review and proposes a structured approach to the sale of its digital assets.
A bankrupt crypto firm holding billions of dollars in digital assets could cause a price collapse, with traders selling due to fears of FTX liquidating its $3 billion crypto holdings.
Crypto exchange FTX has amended its proposal to sell billions in crypto assets, addressing concerns raised by the U.S. Trustee, by agreeing to keep them privately informed alongside creditors' committees.
Crypto exchange FTX has been given approval by a U.S. Bankruptcy Court to sell and invest its holdings of cryptocurrency, which are valued at over $3.4 billion, in order to repay its creditors.
Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware has granted FTX permission to sell, invest, and hedge its crypto holdings, valued at over $3.4 billion, in order to pay back creditors.
The collapsed crypto exchange FTX has been granted permission to liquidate its digital assets to repay creditors, including Bitcoin, Ether, and Solana, amounting to around $3.4 billion. The founder of FTX, Sam Bankman-Fried, is facing charges of fraud and conspiracy, with his bail being revoked last month.
Bankrupt cryptocurrency exchange FTX has reopened its customer claims portal with enhanced security measures, allowing claimants to submit claims for their assets held on the exchange before it went insolvent. The breach did not affect account passwords or funds, and the claims portal is available to users of various FTX platforms. The Delaware Bankruptcy Court has also granted approval for the sale of FTX's digital assets, with certain restrictions.
