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    HomeAltcoinHuge Crypto Dump Incoming As FTX Plans To Sell Altcoins Worth $4.6B

    Huge Crypto Dump Incoming As FTX Plans To Sell Altcoins Worth $4.6B


    Despite the fact that the FTX chapter was two months in the past, the problem is much from over for the crypto trade. At present, new FTX CEO John Ray and his staff are working to search out as many liquid belongings as attainable to make up for the shopper losses.

    As Bitcoinist reported yesterday, they’ve managed to recuperate round $5 billion in liquid belongings. “We now have positioned over $5 billion of money, liquid cryptocurrency and liquid funding securities,” Andy Dietderich, an legal professional for FTX stated Wednesday in U.S. Chapter Courtroom in Delaware.

    Huge Crypto Dump Coming?

    What could 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 may result in large promoting stress within the crypto market.

    Whereas Dietderich additionally harassed that the authorized staff remains to be working to create correct inner information, which may imply that the sale will probably be pushed again a bit, the liquidators may additionally take a staggered method to the method.

    The FTX lawyer additionally revealed that the recovered funds don’t embrace the belongings seized by the Bahamas Securities and Alternate Fee, 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 encompass the illiquid FTT tokens, Dietderich stated.

    Which Altcoins May Be Hit The Hardest?

    Coinbase director Conor Grogan has been trying by means of all wallets to find out which altcoins FTX nonetheless owns. The most important crypto place, based on Grogan, is Solana (SOL), of which FTX owns more than $700 million. To this, nevertheless, the Coinbase director notes that the majority of them are locked, so he’s not positive why they could have counted them.

    That is adopted by $575 million in FTT, $371 million MAPS, $127 million OXY, $90 million WBTC, $82 million BONA, and round $500 million “in different random” Solana-based (SPL) tokens.

    “My easy mannequin is that the property needs a ‘win’ and good publicity to speak by means of all of 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 may very well be offered on an open market.

    On the similar time, Grogan acknowledged that the $4.6 billion is probably going not simply altcoins, but additionally Robinhood shares, different shares, and actual property. “400 million in Robinhood is a big quantity that’s most likely pretty valued. The remainder… Laborious to say,” the Coinbase director stated.

    In the meantime, the on-chain evaluation service “Lookonchain” has drawn consideration to the Alameda belongings receiving pockets, which obtained 30 million USDC from “Alameda Analysis 25” a number of hours in the past.

    The pockets presently holds crypto value $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) worth stood at $16.27. The value virtually doubled for the reason that backside at $8.16 on December 29.

    crypto news SOL USD
    SOL has virtually doubled in worth for the reason that backside | Supply: SOLUSD on

    Featured picture from 3844328 / Pixabay, Chart from

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