FTX Receives Court Approval to Sell Its Assets in Grayscale.

#FTX , the cryptocurrency exchange that declared bankruptcy last year, received approval from the bankruptcy court to sell its assets in Grayscale.

According to Bloomberg, #FTX plans to repay its receivables by selling funds that currently amount to $873 million. The trustee team managing FTX's bankruptcy process has recovered approximately $7 billion in assets over the past year. According to bankruptcy court documents, $3.4 billion of the company's collected assets are held in cryptocurrency. Finally, FTX's move to sell its assets in digital asset management manager Grayscale appears to be a critical step in fulfilling the obligations of the company in the bankruptcy process.

While #FTX officials offer a plan to sell their assets in Grayscale efficiently and without decreasing their value, it is stated that they will avoid making high-volume moves that will affect the market in the sale of assets. On the other hand, while the GBTC share in FTX's account was valued at $744 million in the court document at the beginning of the month, it was reported that it increased to $870 million after the increase in value this month.

FTX, which was the second largest cryptocurrency exchange in the crypto market before going bankrupt last year, had to announce its bankruptcy due to rapid fund outflows after the gaps in its balance sheet leaked to the market. FTX's founder, Sam Bankman-Fried, is on trial, along with the company's subsidiary Alameda Research, on charges ranging from misusing customer funds to fraud.

While the company, which was appointed to trustee after #FTX's bankruptcy application, has successfully managed the process so far, the recent developments that the crypto exchange may be reactivated excited the market. FTT, the local asset of the stock exchange, which recorded a rapid rise during this period, rose to 5.5 dollars with a value increase of up to 350% in the first days of November.

$BTC $FTT