FTX, a top-rated centralized cryptocurrency exchange, imploded late last year, wiping out over $32 billion from the crypto wallet. The current FTX management has reportedly recovered at least $5 billion of liquid assets, and proposed a plan to appoint Mike Novogratz’s Galaxy Digital Capital (GDC) Management as the investment manager charged with overseeing the sale and management of the recovered digital assets.FTX-associated addresses have moved around $10 million in SPL tokens through the Wormhole bridge to an FTX ETH-based wallet since August 31. This includes $1.2 million of FTX Token, $1.8 million worth of Uniswap, $1.3 million of HXRO (HXRO), $550k worth of SushiSwap, and $260k worth of Frontier Token (FRONT).The liquidation of FTX and Alameda Research has been a huge lesson to crypto investors, and the use of non-custodial crypto wallets like Ethereum-based MetaMask and Binance-backed Trust wallets has significantly increased YTD compared to prior years. The proposed plan highlighted that the FTX estate would only be permitted to sell about $100 million worth of tokens per week, with the limit potentially raised to $200 million on an individual token basis.The cryptocurrency industry has received increased regulatory scrutiny in the past year to ensure the safe adoption of digital assets. As a result, crypto exchanges have minimized the risks of interfering and mixing customers’ funds with corporate assets. More jurisdictions have regulated crypto exchanges to ensure transparency and in turn, avoid another instance of FTX and Alameda Research.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Mike Novogratz, Galaxy Digital Capital Management, John J. Ray III |
| Companies | Alameda Research, FTX, FAC, Wormhole bridge, Galaxy Digital Capital (GDC) Management, FINRA, Arkham Intelligence |
| Currencies | Suiswap, HXRO, Uniswap, Solana, Frontier, FintruX, Ethereum, Bitcoin |
| Securities | None |
