FTX Given Green Light to Sell Trust Assets: $873 Million up for Grabs!

FTX Crypto Exchange Receives Approval to Sell $873 Million in Assets to Repay Creditors

FTX, a crypto exchange, has been given permission to sell $873M worth of assets in order to repay creditors.

Hey there, fellow digital asset investors! I’ve got some juicy news for you today. Remember FTX, that bankrupt crypto exchange that went down in flames back in 2022? Well, guess what? They’ve been given the green light to sell around $873 million of trust assets. Cha-ching! That’s some serious moolah!

According to a recent filing in a Delaware bankruptcy court, FTX will be sourcing the $873 million from their stakes in various trusts issued by none other than crypto asset manager Grayscale Investments, valued at a jaw-dropping $807 million. But wait, there’s more! They’re also selling assets from their custody service provider Bitwise, valued at a cool $66 million. Talk about hitting the jackpot!

Now, hold on to your hats because things get even crazier. The court document mentioned a total of $744 million in assets, but that was only as of October 25, 2023. Can you believe it? The assets have actually increased in value since then! It’s like finding a secret stash of bitcoins buried in your backyard. Who knew bankruptcy could be so lucrative?

But wait, there’s a visual treat for you too! Feast your eyes on this image showing the order authorizing FTX Trading to sell trust assets. It’s like a glimpse into a treasure chest overflowing with untold riches. [Insert image]

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Now, let’s talk specifics. It took almost four weeks for FTX debtors to file a motion requesting the sale of these six cryptocurrency trusts to help repay creditors. And boy, are these trusts something else! We’re talking about the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund (BITW). Forget about the Hope Diamond, these are the real gems!

FTX is currently holding over 22 million units of GBTC, Grayscale’s flagship Bitcoin product. And guess what? It’s worth a mind-boggling $691 million! Just imagine swimming in a sea of bitcoins. Now that’s the life we all dream of, am I right? To top it off, FTX also owns 6.3 million shares of ETHE worth around $106 million. Phew! The wealth just keeps on pouring in!

But wait, there’s more to the story. FTX is not stopping there. They can also sell Grayscale’s Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN), and Digital Large Cap Trust (GDLC) to recover even more funds. It’s like having a magical bag of cryptocurrencies that never runs out.

Now, let’s give credit where credit is due. FTX’s administrators, led by the one and only John J. Ray III, have been working tirelessly to recover assets ever since Sam Bankman-Fried’s empire crumbled in 2022. And guess what? They’re doing a pretty darn good job! So far, they’ve managed to recover around $7 billion in assets, with almost half of that being cryptocurrencies worth a whopping $3.4 billion. It’s like a phoenix rising from the ashes!

In case you were wondering, FTX’s debtors estimated that a mind-boggling $8.7 billion of customer assets were misappropriated. That’s like the Great Cryptocurrency Heist of the century!

Oh, and here’s a little fun fact to lighten the mood. Bankman-Fried, the mastermind behind FTX, was recently convicted on seven fraud-related charges. He’s currently waiting to be sentenced in Brooklyn’s Metropolitan Detention Center. But hey, at least he got a fresh haircut out of it. Rumor has it, he paid four mackerels for that snazzy trim. Who said prison life couldn’t be stylish?

Well, my fellow investors, it’s been a wild ride today. FTX selling trust assets worth a whopping $873 million, recovered assets totaling $7 billion, and a convicted mastermind getting a prison haircut for fish currency. The world of digital assets never ceases to amaze us. Keep your eyes peeled and your wallets ready for the next big adventure!

And remember, stay smart, stay bold, and keep investing!

[Magazine: Deposit risk: What do crypto exchanges really do with your money?] Link: [click here]

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