FTX gets the green light to liquidate $3.4 billion in crypto: Justin Sun is already dropping anchor!

For several weeks, rumors had been circulating about the possible approval of the liquidation of FTX assets. The court ultimately ruled in favor of the struggling exchange. Several major players in the crypto world, including Justin Sun, founder of Tron, are already in the running for purchase.

FTX obtains authorization to liquidate its crypto assets

Since the beginning of September, the media have been reporting the possibility of the liquidation of FTX’s assets. The platform held $3.4 billion in cryptocurrencies since April. The planned plan called for the sale of assets worth a minimum of $200 million per week, in order to mitigate the impact on the market.

The challenge? Breathe new life into FTX, in financial decline since November 2022. Faced with recent news, FTX appears ready to reconquer the market.

It is now official,: FTX may liquidate its crypto assets worth $3.4 billion. Judge John Dorsey, president of the bankruptcy court, validated this measure, overriding certain objections.

According to a report from Coindesk, FTX’s asset portfolio is distributed among various cryptocurrencies as follows:

• $1.16 billion in SOL,
• $560 million in BTC,
• $192 million in ETH,
• $137 million in APT,
• $120 million in USDT,
• $119 million in XRP,
• 49 million dollars in BIT,
• 46 million dollars in STG,
• $41 million in WBTC,
• $37 million in WETH.

It is important to emphasize that the management of these assets is entrusted to Bitgo. The possibility of a direct sale on the public market was ruled out, favoring a more discreet approach in order to preserve the value of many cryptos.

Potential buyers come forward

While the over-the-counter sale is considered an option, the public purchase proposal has also attracted great interest. Andrei Grachev, director of DWF Labs, highlighted the need to offer creditors the best price while limiting risks for the market.

“ DWF Labs plans to acquire FTX’s assets in an effort to assure creditors the best price and reduce the risk of excessive selling pressure that could cause the market capitalization to fall to its 2020 level“Grachev said.

For his part, Justin Sun, founder of Tron, has expressed his desire to acquire FTX assets, not only as an investment, but also to preserve the integrity of the crypto ecosystem. His plea for unity highlights the value of these assets to the community.

“ I am considering making an offer to acquire tokens and assets from FTX to limit their impact on the crypto community,” Sun announced. “Let’s come together to solidify our crypto ecosystem” , he added.

The future of FTX assets remains undecided, but the sale is a tipping point. Under the leadership of John J. Ray III, current management aims to rethink FTX’s strategy by collaborating with experts, such as Galaxy Digital. Despite the present challenges, the objective is clear: to rebuild and consolidate FTX’s place in the world of cryptocurrencies.

The FTX saga illustrates the movement of the crypto sector. With leaders ready to invest, the future seems promising, for FTX as for the entire crypto community.