Crypto Exchange FTX gets NOD to sell assets worth $873M to prepay debt to Creditors.

FTX, a crypto exchange that went bankrupt in November 2023, has got court permission to sell some of its $3.4 billion worth of cryptocurrencies to pay back its creditors. The exchange, founded by billionaire Sam Bankman-Fried, was accused of fraud by federal prosecutors, who claimed he illegally transferred funds from customer accounts to his hedge fund. Bankman-Fried is in jail, awaiting trial in October.

FTX's collapse is one of the biggest scandals in the crypto industry, and has shaken the trust of its users and partners. FTX was once a leading and innovative platform, offering various products and services, such as futures, options, leveraged tokens, prediction markets, and decentralized finance. FTX also sponsored many sports teams and celebrities, such as the Miami Heat, Tom Brady, and Kevin O'Leary.

FTX plans to sell, stake, and hedge its crypto holdings with the help of Galaxy Digital, a crypto investment firm. FTX hopes to maximize the value of its assets and minimize the risk of market volatility. The court will supervise and approve the liquidation plan, which may take several months to complete. FTX has also hired a chief restructuring officer and a claims agent to manage the process and communicate with the creditors. FTX has asked its creditors to file their claims by December 31, 2023, and has promised to distribute the proceeds from the asset sales as soon as possible. FTX's official website has more information and updates on the bankruptcy case.
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#MyFirstFeedPost Hello, Binance fam! As we gear up for December, let's dive into the crypto choices that got the ChatGPT nod for the month. Here's the lowdown in simple terms:

1. **Bitcoin (BTC):**
- The OG crypto, steady as ever. With its recent moves, it's showing December could be a month of resilience.

2. **Ethereum (ETH):**
- Smart contracts, NFTs, you name it. Ethereum's versatility makes it a contender for a December spotlight.

3. **Cardano (ADA):**
- With its recent updates and a focus on sustainability, ADA has caught the attention. Worth keeping an eye on!

4. **Solana (SOL):**
- Fast transactions and a bustling ecosystem. Solana's on the radar for potential December action.

5. **Polygon (MATIC):**
- Scalability in the spotlight! MATIC's layer 2 solutions are making waves. Could be a dark horse this December.

Remember, crypto markets are as unpredictable as that one friend's holiday plans. Do your own research, stay informed, and let's navigate December together! 🚀💼 #CryptoPicks #DecemberWatchlist #BinanceInsights