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.
Bitcoin's price rose nearly 5% to just below $26,800, driven by a rally in traditional markets and increased trading volumes, while bankrupt exchange FTX seeks to sell its crypto holdings with the help of Galaxy Digital and Binance discontinues its crypto-backed debit card in Latin America and the Middle East.
Collapsed crypto exchange FTX's new management is potentially planning to sell its large holdings of Solana (SOL) cryptocurrency, prompting Solana co-founder Anatoly Yakovenko to suggest distributing the SOL to ex-FTX customers as a "win-win" solution.
Solana co-creator Anatoly Yakovenko suggests that the SOL tokens held by FTX should be distributed to the exchange's former customers, benefiting both the users and the Solana network, rather than going through a lengthy legal process.
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.
Interest in altcoins may have waned, but Solana remains the most loved altcoin amongst investors, with $700,000 invested in it over the past week and $26 million year-to-date inflows.
The legal industry has earned at least $700 million in fees from the bankruptcies of major cryptocurrency firms over the past year, with FTX's case being the most lucrative, highlighting the complexity and lack of clear regulations in the crypto space.
Cryptocurrency exchange FTX is expected to receive court approval to liquidate $3.4 billion in cryptocurrencies, causing concern among stakeholders and potentially impacting Ethereum, Solana, and altcoins.
The price of Solana (SOL) has dropped over 6% in the last 24 hours due to concerns that bankrupt crypto exchange FTX may sell off significant amounts of SOL and other Solana-based tokens, totaling $128 million, on the market.
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.
FTX, a bankrupt crypto exchange, is seeking court approval to liquidate $3.4 billion in cryptocurrencies, with a maximum offload of $100 million per week, potentially impacting the market in a more gradual manner rather than causing a sharp fall in asset prices; this article examines the price movements and potential impact on Solana (SOL), Dogecoin (DOGE), and Aptos (APT).
Crypto markets experienced a decline as FTX's potential selling pressure raised concerns, causing Bitcoin to fall below $25,000 for the first time since mid-June, and altcoins to underperform, particularly Solana (SOL).
FTX has released the presentation materials for its shareholder meeting, revealing that over 2,300 non-customer claims worth $65 billion have been filed against the cryptocurrency exchange, while 36,075 customer claims worth $16 billion have been filed, with 10% already agreed upon. FTX's assets amount to over $7 billion and include digital assets, cash, brokerage investments, venture portfolio, tokens, and real estate. The company is also considering potential actions against insiders, political and charitable donation clawbacks, and actions against vendors. Over 75 potential bidders have been contacted for the relaunch of FTX, and a recovery plan confirmation is expected in Q2 2024. There are reports that FTX may liquidate a significant portion of its crypto holdings.
FTX estate has contacted over 75 bidders to explore the possibility of relaunching the bankrupt crypto exchange, with Figure and Tribe Capital among the potential investors, according to a stakeholder briefing.
FTX's plan to sell $3.4 billion worth of crypto to return fiat currency to users, along with pressure on crypto venture capital funds to return funds, is expected to create an overhang for altcoins, leading to potential declines in prices.
Bitcoin's price rebounded to around $26,000 as short traders abandoned their bearish bets, but a lack of bullish catalysts may limit the recovery, with a potential altcoin crash looming as bankrupt exchange FTX plans to sell around $3.4 billion worth of tokens.
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.
FTX's sale of tokens held by the bankrupt crypto exchange will not cause a market shock, as liquidations are limited and there are strict controls and restrictions in place, according to a research report by Coinbase.
Bitcoin holds above $27,000 as U.S. rates traders predict that the Federal Reserve will maintain borrowing costs, Solana's SOL and ether experience slight gains, FTX sues founder's parents for fraudulent transfers and misappropriated funds, and a new $60 million fund called Oak Grove Ventures focuses on Web3, AI, and biotech.
The volatility in Bitcoin remains low, similar to the stability in US stock and bond markets, and is expected to continue after the Federal Reserve rate decision.
The filing from FTX's bankruptcy estate reveals that Sam Bankman-Fried's father, Joe Bankman, was paid a $200,000 salary by FTX's US division but expected to receive $1 million annually.
Binance's Bitcoin trading volumes have decreased significantly due to lawsuits and regulatory scrutiny, while Coinbase's volumes have increased.
TON coin has replaced Solana's SOL token as the 10th largest cryptocurrency by market capitalization.
Distressed debt investors are buying up hundreds of millions of dollars worth of bankrupt crypto exchange FTX's claims, with investment firms such as Silver Point Capital, Diameter Capital Partners, and Attestor Capital purchasing $250 million worth of FTX debts in an unregulated bankruptcy claims market.
FTX's bankruptcy court-approved liquidation of $7.1 billion worth of crypto assets, including Solana and Bitcoin, is not expected to cause a market crash, as the court has implemented measures to ensure market stability during the process.
Around $4 million worth of ethereum (ETH) tied to the FTX exchange hack has started moving, while $21 million still remains in the original wallet, as the trial of FTX founder Sam Bankman-Fried, who is facing fraud charges, is about to begin.
FTX, a once-prominent cryptocurrency exchange valued at $32 billion, collapsed in November 2022, leading to the arrest of its founder, Sam Bankman-Fried, who is accused of orchestrating one of the largest financial frauds in history. The collapse of FTX and the subsequent trial of Bankman-Fried highlight the risks and potential consequences of the crypto industry.
FTX customers, insiders, and investors remain optimistic about the cryptocurrency industry despite losing millions of dollars in the collapse of FTX and not receiving any refunds, with many still planning to invest in crypto.
Solana's total value locked (TVL) has reached $338.82 million, its highest since the start of the year, driven by popular projects and a surge in the native SOL token, but concerns arise about the possible effect on SOL's price after the approval of FTX estate to sell its crypto holdings.
London-based cocoa broker Marc-Antoine Julliard testified in the criminal case against former FTX CEO Sam Bankman-Fried, stating that he was unable to withdraw 4 Bitcoin worth $80,000 from FTX in November 2022 after a Twitter post from Bankman-Fried reassured users about their assets; witnesses including former FTX executives and Anthony Scaramucci are also expected to testify.
The co-founder of FTX, a bankrupt digital asset exchange, revealed that its sister firm, Alameda, had been using billions of dollars of FTX customer assets for trading purposes since 2019, leading to accusations of fraud and mishandling of customer funds.
FTX, a cryptocurrency exchange that experienced a major hack last year, managed to prevent the loss of over $1 billion worth of crypto by scrambling to move funds to secure storage and transferring them to cold storage wallets.
Crypto investments surged by $78 million, with Bitcoin and Solana leading the way, according to CoinShares' latest investment report. Bitcoin received $43 million in inflows, while Solana experienced its largest weekly inflow since March 2022.
