U.S. court approves FTX asset sale, FTX legal team: the sooner, the better
According to a report by CoinDesk, the US bankruptcy court has ruled that the cryptocurrency exchange FTX can sell and invest its held crypto assets to repay creditors. Previously, FTX had filed an application with the court seeking permission to sell, pledge, and hedge its held cryptocurrencies to repay creditors.
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US Court Approves FTX Asset Sale
Judge John Dorsey has approved the motion, overturning two opposing views against the plan, allowing FTX to sell, pledge, and hedge its holdings of cryptocurrency assets valued at over $3.4 billion.
FTX's attorney stated, "The sooner we start this process, the better."
The liquidation activities will be assisted by Galaxy Digital, helping FTX sell up to $200 million of cryptocurrency assets per week and planning to hedge eligible crypto assets such as BTC and ETH.
FTX Potential Liquidation of Coins
Recap of the liquidation plan: FTX plans to refund in "dollars," hedge BTC, ETH, and gradually liquidate $30 billion in cryptocurrency assets.
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