Large cryptocurrency Dump Incoming As FTX Plans To Promote Altcoins Price $4.6B

    Regardless that the FTX chapter was two months in the past, the difficulty is way from over for the crypto trade. At present, new FTX CEO John Ray and his group are working to seek out as many liquid property as attainable to make up for the client losses.

    As Bitcoinist reported yesterday, they’ve managed to get well round $5 billion in liquid property. “We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, an lawyer for FTX mentioned Wednesday in U.S. Chapter Court docket in Delaware.

    Huge cryptocurrency Dump Coming?

    What might have been much more noteworthy was Dietderich’s assertion that FTX plans to dump non-strategic holdings with a guide worth of $4.6 billion, which may result in great promoting stress within the crypto market.

    Whereas Dietderich additionally careworn that the authorized group remains to be working to create correct inside information, which may imply that the sale will likely 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 embody the property seized by the Bahamas Securities and Trade 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 mentioned.

    Which Altcoins May Be Hit The Hardest?

    Coinbase director Conor Grogan has been trying via all wallets to find out which altcoins FTX nonetheless owns. The most important crypto place, in accordance with Grogan, is Solana (SOL), of which FTX owns greater than $700 million. To this, nonetheless, the Coinbase director notes that the majority of them are locked, so he isn’t certain 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 other random” Solana-based (SPL) tokens.

    “My simple model is that the estate wants a ‘win’ and good publicity to talk through all the progress they’ve made,” Grogan claimed and continued on to say that in his opinion, the $5 billion determine is way too excessive for what may very well be bought 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 significant number that is probably fairly valued. The rest… Hard to say,” the Coinbase director mentioned.

    In the interim, the on-chain evaluation service “Lookonchain” has drawn consideration to the Alameda property receiving pockets, which acquired 30 million USDC from “Alameda Research 25” a couple of hours in the past.

    The pockets at the moment holds crypto price $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 journalism industry time, the Solana (SOL) value stood at $16.27. The worth nearly doubled for the reason that rear end at $8.16 on December 29.

    crypto news SOL USD
    SOL has nearly doubled in value for the reason that rear end | Supply: SOLUSD on

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