FTX Derivatives Exchange has obtained court authorization to begin liquidating its cryptocurrencies. This announcement comes at a time when the crypto community is closely watching the fate of the company that was once one of the most prominent exchanges in the sector and which collapsed last year.
After months of uncertainty and speculation, FTX is ready to begin liquidating assets worth US$3.4 billion (more than R$16 billion).
Among the main assets scheduled for liquidation are Solana (SOL), Bitcoin (BTC) and Ethereum (ETH), which together represent a substantial part of the exchange’s cryptocurrency portfolio.
Additionally, assets such as XRP, Wrapped Bitcoin (WBTC), and Aptos (APT) are part of this comprehensive liquidation plan.
Under court-approved conditions, FTX is required to provide 10 days notice to the Office of the US Trustee before initiating the sale of these assets.
The exchange also outlined its strategy to hedge its Bitcoin and Ethereum holdings in order to mitigate potential adverse effects on the prices of these cryptocurrencies.
Sale of assets by FTX
Additionally, FTX plans to stake a portion of its tokens, a move that could generate additional profits to pay creditors and settle outstanding debts.
The impending sale of FTX’s cryptocurrency assets has sparked concerns within the crypto community. Fears of a possible market crash, characterized by Fear, Uncertainty and Doubt (FUD), are circulating as traders and investors speculate about how this large-scale sell-off could affect cryptocurrency prices.
Although the $3.4 billion in assets represents a relatively small fraction of the total market value of cryptocurrencies, the unpredictability of the liquidation process could trigger a downtrend as bulls are weakened and the broad crypto market suffers from trading problems. liquidity.
According to the latest report, here is the breakdown of FTX’s cryptocurrency assets:
- Solana (SOL): $1.16 billion
- Bitcoin (BTC): US$ 560 milhões
- Ethereum (ETH): US$ 192 milhões
- Aptos (APT): US$137 million
- USDT: $120 million
- XRP: $119 million
- BIT: US$49 million
- STG: US$46 million
- WBTC: $41 million
- WETH: $37 million
Source: https://www.criptofacil.com/ftx-recebe-autorizacao-judicial-para-vender-todas-suas-criptomoedas/
