Even although the FTX chapter was two months in the past, the problem is much from over for the crypto trade. Currently, new FTX CEO John Ray and his workforce are working to search out as many liquid property as potential to make up for the client losses.
As Bitcoinist reported yesterday, they’ve managed to recuperate round $5 billion in liquid property. “We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, an legal professional for FTX stated Wednesday in U.S. Bankruptcy Court in Delaware.
Massive Crypto Dump Coming?
What might have been much more noteworthy was Dietderich’s assertion that FTX plans to dump non-strategic holdings with a ebook worth of $4.6 billion, which might result in super promoting strain within the crypto market.
While Dietderich additionally careworn that the authorized workforce continues to be working to create correct inner data, which might imply that the sale might be pushed again a bit, the liquidators might additionally take a staggered strategy to the method.
The FTX lawyer additionally revealed that the recovered funds don’t embrace the property seized by the Bahamas Securities and Exchange Commission, which Dietderich estimates at solely $170 million, whereas Bahamian authorities put the worth as excessive as $3.5 billion. That’s as a result of the funds primarily include the illiquid FTT tokens, Dietderich stated.
Which Altcoins Could Be Hit The Hardest?
Coinbase director Conor Grogan has been trying via all wallets to find out which altcoins FTX nonetheless owns. The largest crypto place, based on Grogan, is Solana (SOL), of which FTX owns more than $700 million. To this, nevertheless, the Coinbase director notes that almost all of them are locked, so he isn’t certain why they may have counted them.
This is adopted by $575 million in FTT, $371 million MAPS, $127 million OXY, $90 million WBTC, $82 million BONA, and round $500 million “in other random” Solana-based (SPL) tokens.
“My simple model is that the estate wants a ‘win’ and good publicity to talk through all the progress they’ve made,” Grogan claimed and continued on to say that in his opinion, the $5 billion determine is much too excessive for what might be offered on an open market.
At the identical time, Grogan acknowledged that the $4.6 billion is probably going not simply altcoins, but in addition Robinhood shares, different shares, and actual property. “400 million in Robinhood is a significant number that is probably fairly valued. The rest… Hard to say,” the Coinbase director stated.
Meanwhile, the on-chain evaluation service “Lookonchain” has drawn consideration to the Alameda property receiving pockets, which acquired 30 million USDC from “Alameda Research 25” a number of hours in the past.
The pockets at present holds crypto price $167 million, together with 100 million BIT ($46.6 million), 41 million USDT, 31.8 million USDC, 17,177 ETH ($24 million), 4.6 million SUSHI ($5.2 million), 10 million WXRP ($3.76 million), 6.86 million RNDR ($3.2 million), and 6.86 million SRM ($1.6 million).
At press time, the Solana (SOL) value stood at $16.27. The value nearly doubled because the backside at $8.16 on December 29.
Featured picture from 3844328 / Pixabay, Chart from TradingView.com
