The presiding bankruptcy court judge, John Dorsey, granted authorization for the bankrupt cryptocurrency exchange FTX to sell its crypto holdings, which are worth more than $3.4 billion. Additionally, Justin Sun, the founder of Tron, announced on social media that he is thinking about making a bid for FTX's holdings.
FTX receives approval to sell digital assets worth $3.4 billion.
The FTX estate has been given permission to sell its digital assets, which are worth $3.4 billion, according to a Coindesk story from Wednesday. Judge John Dorsey overruled two objections to grant the motion.
SOL, $560 million in BTC, $192 million in ETH, $137 million in APT, $120 million in USDT, $119 million in XRP, $49 million in BIT, $46 million in STG, $41 million in WBTC, and $37 million in WETH make up the majority of FTX's assets. These assets are managed by Bitgo, and there have been discussions about not directly selling the money on the open market.
On social media last week, FTX announced that it was relocating and connecting tokens to their original chains. "FTX has been actively bridging tokens from various blockchains back to their native blockchains," the company claimed. "FTX has also been in the process of migrating SOL and other tokens from existing wallets to Bitgo, FTX's qualified custodian."
While the idea of selling the coins over the counter (OTC) has been floated, some people are interested in a public sale. The owner of DWF Labs, Andrei Grachev, indicated that his business is thinking about purchasing the assets.
In order to give creditors the best execution price and reduce the possibility of a massive, aggressive selling pressure that would bring the market down to 2020's capitalization, he said, "DWF Labs is considering to purchase FTX assets."
Justin Sun, the founder of Tron, also revealed that he was thinking about making an offer. Sun wrote on the social media network X, "Contemplating an offer for FTX's holding tokens and assets to reduce their selling impact on the crypto community." Let's work together to strengthen our crypto ecosystem, Sun said.
What are your thoughts on the bids for FTX's stash? Do you believe someone or something famous will purchase these coins? Post your ideas and viewpoints on this topic in the comments area below.