TL; DR
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According to a September 11 lawsuit, FTX’s new managers recently recovered a total of $7 billion USD in assets.
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The good news? A total of 36,000 customers have filed claims, for a total of $16 billion that the company now owes. $7 billion won’t compensate everyone, but it’s a solid start.
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The bad news? Of the $7 billion recovered, $3.4 billion is crypto assets, and FTX now wants to sell it all — and all those sales could drag down a big chunk of the crypto market.
Full story
This has major “you can’t have your cake and eat it too” vibes…
According to a September 11 lawsuit, FTX’s new managers recently recovered a total of $7 billion USD in assets.
The good news? A total of 36,000 customers have filed claims, for a total of $16 billion that the company now owes. $7 billion won’t compensate everyone, but it’s a solid start.
The bad news? Of the $7 billion recovered, $3.4 billion is crypto assets, and FTX now wants to sell it all — and all those sales could drag down a big chunk of the crypto market.
But it’s not set in stone just now and there are two things you need to keep in mind:
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FTX must wait for approval from the Delaware Bankruptcy Court before it can begin selling (this decision will be made later today).
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Even if it does get approved, the $1.16 billion in Solana and $137 million in Aptos that the company is trying to sell will largely consist of unconditional tokens, meaning they will be locked up.
So whoever buys them is essentially buying the right to sell them as they are slowly unlocked in $9.2 million chunks, month by month.
So…
Cake? Yes: FTX may finally be able to refund defrauded users.
Eating said cake? No: by selling these assets to refund users, FTX could reduce the market capitalization of the tokens they own.