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FTX Moves $59M in Diverse Crypto Assets

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Fri, 27/10/2023 - 5:23
 FTX Moves $59M in Diverse Crypto Assets
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Cryptocurrency exchange FTX/Alameda has recently transferred an aggregate of $59 million in various crypto assets. 

According to recent updates provided by data analytics firm Lookonchain, this includes significant amounts in Solana (SOL), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), and several other cryptocurrencies.

Liquidating holdings 

Last month, the court approved FTX's petition to liquidate its cryptocurrency holdings. This decision, which allows FTX to sell up to $100 million in cryptocurrency weekly, was made in an effort to repay its customers in U.S. dollars and mitigate the inherent risks tied to cryptocurrency market volatility. 

The ruling also permits FTX to partake in hedging and staking agreements, enabling the firm to earn passive income on more conventional crypto assets such as Bitcoin and Ethereum. 

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Solana (SOL) Remains Extremely Bullish, But for How Long?

This move was largely supported by committees representing both U.S. and international FTX customers. 

According to Lookonchain, eight FTX/Alameda addresses currently hold roughly $619 million. 

Bankman-Fried's trial 

In a courtroom turn of events, former FTX head Sam Bankman-Fried took the stand before Judge Lewis Kaplan. 

The 31-year-old entrepreneur, who is facing charges of deceit toward investors and misappropriating funds from his bankrupt exchange FTX, argued that his actions were based on legal counsel. 

When Bankman-Fried's credibility and decisions—including auto-deleting group chat settings—came under scrutiny, he underscored his reliance on legal advice for several arrangements. 

He particularly emphasized his trust in his legal team when procuring bank accounts for his enterprises. However, prosecutors pushed back, suggesting that such reliance on counsel could be moot if the lawyers were not completely apprised.

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