{"id":84484,"date":"2023-09-14T10:27:21","date_gmt":"2023-09-14T07:27:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84484"},"modified":"2025-09-12T17:38:38","modified_gmt":"2025-09-12T14:38:38","slug":"court-approves-plan-for-ftx-to-sell-its-cryptocurrency-assets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/court-approves-plan-for-ftx-to-sell-its-cryptocurrency-assets\/","title":{"rendered":"Court approves plan for FTX to sell its cryptocurrency assets"},"content":{"rendered":"<p>A Delaware district judge ruled that <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">bankrupt<\/a> exchange FTX may sell its cryptocurrency assets to satisfy creditors&#8217; claims. <a href=\\\"https:\/\/www.theblock.co\/post\/250876\/judge-approves-order-allowing-ftx-to-start-selling-crypto\\\">The Block<\/a> reports.<\/p>\n<p>The company in August <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-to-hire-galaxy-digital-to-sell-assets\">presented<\/a> to the court a plan for \\&#8221;selling, <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a> and hedging\\&#8221; digital currencies worth more than $3 billion.<\/p>\n<p>During the hearing, Judge John Dorsey approved the motion and rejected two objections.<\/p>\n<p>Under the proposed plan, FTX will liquidate tokens worth no more than $100 million per week for each position. However, with the approval of the Special Committee of clients, the limit for the asset may be increased to $200 million, both on a one-time and ongoing basis.<\/p>\n<p>Ten days before the order takes effect, the platform must notify the Office of the U.S. Trustee.<\/p>\n<p>FTX also intends to hedge positions in Bitcoin and Ethereum to minimise the impact of price movements on sale proceeds. The company may apply similar operations to other cryptocurrencies.<\/p>\n<p>The exchange also reserves the right to participate in staking programs for certain tokens if that helps recover more funds for creditors.<\/p>\n<p>Galaxy Digital&#8217;s Mike Novogratz will act as investment adviser for FTX.<\/p>\n<p>An attorney for the creditors&#8217; committee said they support the plan as a means to preserve and maximise the value of the debtors&#8217; estate.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;The sooner we can start this process, the better,\\&#8221; he said.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>Earlier, Matrixport Technologies analysts warned of <a href=\"https:\/\/u1f987.com\/en\/news\/matrixport-analysts-warn-of-altcoin-crash-amid-ftx-asset-sales\">an altcoin crash<\/a> after FTX began selling.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Delaware district judge ruled that the bankrupt FTX exchange may sell its cryptocurrency assets to satisfy creditors&#8217; claims. The Block reports.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1236],"class_list":["post-84484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=84484"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84484\/revisions"}],"predecessor-version":[{"id":84485,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84484\/revisions\/84485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=84484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=84484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=84484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}