FTX Reportedly Plans To Sell Altcoins Worth Of $4.6 Billion

FTX is reportedly planning to sell altcoins worth of $4.6 billion, according to the latest reports. Check out the tweet that Whale Chart revealed below.

Source: FTX Attorney Dietderich statement in U.S bankruptcy court in Delaware.

— whalechart.org (@WhaleChart) January 12, 2023

Check out the following relevant tweet below as well:

Massive Crypto Dump Coming?

What may have been even more noteworthy was Dietderich’s statement that FTX plans to dump non-strategic holdings with a book value of $4.6 billion, which could lead to tremendous selling pressure in the crypto market.

— XRP Sydney (@XrpSydney) January 12, 2023

FTX reportedly has recovered over $5 billion worth of liquid assets, including cash and digital assets, attorneys in Delaware bankruptcy court said during an FTX bankruptcy hearing Wednesday.

CNBC notes the fact that the news comes after federal prosecutors announced plans to seize at least $500 million worth of FTX-connected assets as part of their ongoing prosecution of FTX co-founder Sam Bankman-Fried.

The same online publication notes that the recovery will be a welcome boon to FTX customers after the crypto exchange imploded in November.

“FTX’s new CEO, John J. Ray, previously attested that at least $8 billion of customer assets were unaccounted for in the “worst” case of corporate control he’d ever seen.”

We suggest that you check out the complete article in order to learn more details about all this.

The Court documents reveal that Bankman-Fried’s legal team says the shares are needed to fund the ex-billionaire’s defense while FTX debtors. These include crypto lender BlockFi. They have filed a motion staking a claim to them as a part of FTX’s bankruptcy proceedings.

The 56 million shares were bought by Bankman-Fried in May 2022 and are in the process of being seized by the U.S. Department of Justice (DOJ). Stay tuned for more exciting news from the crypto space.