FTX, a collapsed crypto exchange, has moved almost $10 million in altcoins from Solana to Ethereum since Aug. 31 for undisclosed reasons. The tokens include LINK, SUSHI, LUNA, and YFI, and the transfers were conducted through Wormhole Bridge. It is unclear if the transfers are connected to the exchange’s bankruptcy proceedings or its recent request to hire Galaxy Digital to sell its crypto holdings for fiat.FTX has filed a request with the bankruptcy court to engage Galaxy Digital Capital Management as its investment manager for certain digital assets. The exchange also requested permission to stake some idle crypto assets to generate passive yield. Under the proposed agreement, Galaxy would manage, trade, and convert FTX’s assets into fiat currency or stablecoins, and hedge the collapsed exchange’s exposure to volatile cryptocurrencies in return for a monthly fiduciary fee.FTX is facing criticism from creditors over the slow pace of its bankruptcy plan negotiations. The exchange’s attorney has resisted calls for expedited mediation, saying the process is on track for conclusion in the second quarter of 2024. A draft plan proposed by FTX outlines the intent to repay customers through asset liquidation and litigation against insiders. Additionally, FTX has filed a separate motion to establish guidelines for managing and selling its digital assets and to enter into hedging arrangements on eligible cryptocurrencies. Creditors’ committee attorney has highlighted the $50 million monthly spent on attorneys’ fees and other costs due to FTX’s delay in resolving creditor concerns. The bankruptcy case was filed in November 2022 after allegations that FTX misused and lost billions of dollars of customers’ crypto deposits.
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 | North America |
| Countries | |
| Sentiment | negative |
| Relevance Score | 8 |
| People | Sam Bankman-Fried, Brian Glueckstein, Kris Hansen |
| Companies | Brian Glueckstein, FTX, Galaxy Digital, stablecoins, Kris Hansen, YFI, Solana, Sam Bankman-Fried, K5, SUSHI, LINK, Ethereum, Galaxy Digital Capital Management, Bitcoin, LUNA |
| Currencies | Chainlink, yearn.finance, Sushi, Terra Luna Classic, Ethereum, Bitcoin |
| Securities | None |
1 Comments
Leave a Reply
You must be logged in to post a comment.
artreyou
1) WHAT