June 21, 2024

The FTX crypto exchange has requested the approval of the bankruptcy court in Delaware to sell some prominent trust funds assets.  According to the exchange’s demand, the sales will affect the crypto asset manager, Grayscale Investments, and the custody service provider, Bitwise.

The cumulative valuation of the assets is about $744 million.

FTX Files For Court Approval For Sales Of Trust Assets

FTX debtors requested the court on November 3 to permit the sale of trust assets for the bankrupt crypto exchange. According to the filing, the sales will support FTX in preparing for forthcoming dollarized distributions to creditors.

The trust assets comprise five Grayscale trusts valued at $691 million and one Bitwise trust valued at $53 million.

The document noted:

The Debtors’ judgment is that proactively mitigating the risk of price swings will best protect the value of the Trust Assets, thereby maximizing the return to creditors and promoting an equitable distribution of funds in the Debtors’ plan of reorganization.

Further, the exchange’s debtors demanded that an investment adviser should authorize the trust assets sales and procedures involved. Also, they suggested that the stakeholders should constitute a pricing committee that will join the sale procedure.

The FTX debtors’ request for trust assets sale is following the court’s previous approval for the liquidation of almost $3.4 billion worth of crypto assets in September. 

Moreover, the court’s order for the disposal of the assets came in batches to maintain the stability of the crypto market.

The approved sales batches include $50 million and $100 million worth of assets. Additionally, the liquidation process included the court’s approved $1.3 billion in brokerage and government-recovered assets.

Also, the approval noted $2.6 billion in cash, giving a total of $7.1 billion in liquid assets.

Solana took the lead among the crypto assets for liquidation, with the exchange’s holding worth $1.16 billion. Bitcoin was the second-biggest in the firm’s portfolio, worth about $560 million.

Progress In FTX Bankruptcy Proceedings As Jury Convicts SBF

The implosion of the FTX crypto exchange is one of the biggest frauds recorded in the financial sectors. It led to the loss of several billions of dollars of investors’ funds and triggered a huge decline in crypto prices.

Additionally, some firms with massive exposure to the bankrupt exchange suffered a contagion that resulted in their closure. The bankruptcy proceedings for the bankrupt FTX exchange have been gradually making headway. 

Recently, a jury convicted the exchange’s founder, Sam Bankman-Fried, of all seven counts in the ongoing fraudulent case. In the trial in a New York court, the jury found SBF guilty of two counts of wire fraud, two counts of wire fraud conspiracy, and one count of money laundering conspiracy. 

Also, it convicted the former crypto mogul of one count of securities fraud and one count of commodities fraud conspiracy. Despite the turn of events in the case, Bankman-Fried maintained he was innocent. The judge has scheduled the sentencing on March 28, 2024.

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