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Breaking: FTX Allowed to Sell $3.4 Billion Worth of SOL, XRP, ETH, BTC and Other Coins

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Wed, 09/13/2023 - 17:46
Breaking: FTX Allowed to Sell $3.4 Billion Worth of SOL, XRP, ETH, BTC and Other Coins
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Cryptocurrency exchange FTX has been granted permission to liquidate its digital assets, totaling approximately $3.4 billion. 

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The decision by Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware comes as part of the bankrupt exchange's broader strategy to repay creditors.

Despite some opposition, the judge ultimately approved the motion, setting the stage for one of the most significant asset liquidations in cryptocurrency history.

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According to filings dated Sept. 11, the beleaguered exchange has assembled assets of around $7 billion, which include $1.16 billion in Solana (SOL) tokens, $560 million in Bitcoin (BTC), and $119 million in XRP.     

Under the court-approved plan, Galaxy Digital, led by Mike Novogratz, will act as the investment manager responsible for conducting the sale. 

The scheme permits FTX to sell up to $100 million worth of tokens each week, a cap that could potentially be doubled for individual tokens.

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