The insolvent FTX exchange is still moving its remaining assets in order to exchange them for fiat currency and pay back its creditors.
According to a recent tweet by blockchain sleuth @lookonchain, it shovelled millions of other cryptocurrencies together with approximately 80 billion Shiba Inu (SHIB) and 1.643 Ethereum (ETH).
Meanwhile, over the previous day, there has been a little increase in the price of Shiba Inus. However, the price has risen by over 3% in the last two days.
Close to 80 billion SHIB moved by insolvent giant
According to Lookonchain, about a dozen substantial portions of different cryptocurrencies were moved a few hours ago by the FTX exchange and trading business Alameda Research, which was essentially the reason behind the bankruptcy.
This includes a sizeable portion of Ethereum (1,643 ETH) and Shiba Inu (77.77 billion SHIB), valued at $3.43 million and $652,000, respectively. Millions of IMX, GMT, UNI, BAL, LOOKS, and fewer than a million WOO are also carried in the transfer.
The source estimates that the total value of the transferred cryptocurrency is $22 million.
https://x.com/lookonchain/status/1730781152875876645?s=20
Court approves FTX selling $744 million in Grayscale digital assets
According to documents filed in court, FTX has been holding shares in Grayscale’s digital assets, which were valued at $744 million as of November. As Bloomberg reported, the court has now given FTX permission to start selling these stakes.
This is just one more attempt to obtain the necessary fiat funds to pay back the billions of US dollars owed to the creditors of FTX. This incredible quantity of assets dependent on cryptocurrency will be sold in parts to avoid upsetting the market. Recall that although the defunct cryptocurrency trading platform had investments in trusts established and overseen by Grayscale Investments, it did not really possess any cryptocurrency.
Early in November of last year, FTX’s co-founder and CEO, the young and bright crypto millionaire Sam Bankman-Fried, began diverting client money to shore up his collapsing cryptocurrency trading company Alameda, which caused FTX to go bankrupt. But as a result, both businesses filed for bankruptcy.
Administrators of FTX, who took over from SBF after the latter was arrested and jailed for scamming investors, have so far been able to retrieve assets valued at almost $7 billion, of which $3.4 billion is cryptocurrency.
