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77.77 Billion SHIB Transferred by FTX Exchange, Here’s SHIB Price Reaction

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Sat, 2/12/2023 - 8:32
77.77 Billion SHIB Transferred by FTX Exchange, Here’s SHIB Price Reaction
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The bankrupt FTX exchange continues to move the remains of its assets to convert them into fiat and repay the debt to its creditors.

This time, it shoveled nearly 80 billion of Shiba Inu (SHIB), 1,643 Ethereum (ETH), as well as millions of other cryptocurrencies, according to a recent tweet published by blockchain sleuth @lookonchain.

In the meantime, the Shiba Inu price has shown a small rise over the past 24 hours. But over the past two days, the price has increased by almost 3%.

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Close to 80 billion SHIB moved by insolvent giant

Lookonchain has reported that several hours ago, the FTX exchange and the trading firm Alameda Research that basically caused the bankruptcy transferred nearly a dozen of hefty chunks of various cryptocurrencies.

This included an impressive chunk of Shiba Inu (77.77 billion SHIB) and Ethereum (1,643 ETH), worth $652,000 and $3.43 million each. The transfer also carried millions of IMX, GMT, UNI, BAL, LOOKS and less than a million WOO.

All of the crypto that was transferred is evaluated at $22 million approximately, according to the source.

Court approves FTX selling $744 million in Grayscale digital assets

As reported by Bloomberg, the court has finally issued permission for FTX to begin selling the stakes in Grayscale’s digital assets that it has been holding — $744 million worth in total as of November, according to papers presented in court.

This is another action to raise enough fiat money to repay the debt to the FTX creditors, with the debt constituting billions of U.S. dollars. In order to prevent the disruption of the crypto market, this astounding amount of crypto-based assets will be sold in chunks. The bankrupt crypto trading platform did not hold actual cryptos, but it had stakes in crypto-based trusts set up and managed by Grayscale Investments, Bloomberg reminds.

FTX became insolvent in early November last year, when its co-founder and chief executive, young and promising crypto billionaire Sam Bankman-Fried started using customers’ funds in order to save his sinking crypto trading firm Alameda. However, as a result, both companies went bankrupt.

As of now, the administrators of FTX that took over from SBF, who has been arrested and sentenced for defrauding investors, have managed to recover approximately $7 billion worth of assets, which includes $3.4 billion in cryptocurrencies.

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