FTX Transfer $30M Worth Solana Tokens ; SOL Price Drops 5% – Coinpedia Fintech News
FTX, a crypto exchange that recently declared bankruptcy, has asked a Delaware court if they can sell trust assets owned by Grayscale and Bitwise, which are valued at $744 Million. They hope this can help them pay their bills in US dollars and, maybe, sell these trust assets at a lower price
FTX and its debtors say that selling these trust assets to one or more buyers could cut costs and save them from dealing with lots of separate solicitations for each proposed sale under the sales procedures
Eventually, the legal context for this action goes back to a lawsuit filed by affiliated debtors FTX and Alameda Research against Grayscale Investments in March. The lawsuit sought the release of funds held for shareholders of the Grayscale Bitcoin and Ethereum Trusts.
Overall, the collective value of the trust assets under consideration includes approximately $691 million held across five Grayscale Trusts and an additional $53 million under the management of Bitwise. These figures are based on market values as of Nov 06, 2023. These trusts provide investors with a means to gain exposure to digital assets without direct ownership.
SOL Experiences a 5% Dip as FTX Estate Token Transfers
Recently, the FTX estate took a significant step by transferring 750,000 Solana (SOL) tokens, valued at around $30 million, to cryptocurrency exchanges Binance and Kraken. This move, potentially signaling an impending sale, led to a 5% decrease in SOL’s price within 24 hours.
The FTX estate has, over a series of transactions, shifted a total of $102 million worth of SOL to various exchanges. This process has placed substantial selling pressure on the token, a significant asset on the FTX estate’s balance sheet, with a total value of over $1.16 billion.
Despite the recent dip, SOL has shown strong performance, with nearly a 70% increase in value over the past month.
SBF Found Guilty; Sentence for 115 Year
In a verdict reached last week, Sam Bankman-Fried, the FTX founder, faced a jury trial and was found guilty on seven counts. These charges range from wire fraud to money laundering.
He might face a big prison sentence, possibly as much as 115 years. But experts think it might be closer to 15-20 years. The outcome of this legal battle has significant implications for both Sam Bankman-Fried and the future of FTX.
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