The crypto exchange FTX, which went bankrupt in 2022 due to issues with customer deposits, has been granted permission by a US court to sell its cryptocurrency holdings. This move aims to pay back its customers in US dollars and reduce the risk of crypto market price fluctuations.
The court decision allows FTX to sell up to $100 million in crypto assets each week. They can also enter into agreements to hedge against price changes and earn passive income from mainstream cryptocurrencies like Bitcoin and Ether.
Dorsey said it’s okay for FTX to up the selling game to $200 million a week if both committees agree on it.
And as of Monday, FTX claims they own a cool $3.4 billion in crypto, including $1.16 billion in Solana, $560 million in Bitcoin, and $192 million in Ether.
FTX filed for bankruptcy back in November 2022 after some serious drama about them mishandling customers’ crypto. They’ve managed to scrape together over $7 billion to pay back their customers, and they’re still tryin’ to squeeze more cash from lawsuits against FTX big shots and others who got a piece of the pie before the ship went down.
- Also Read: India Tops Global Crypto Adoption Indexa
By the way, FTX’s boss, Sam Bankman-Fried, ain’t takin’ the rap for defrauding customers. He’s pleading not guilty. Meanwhile, some other ex-FTX honchos have owned up to their part in this crypto mess.
