The bankrupt cryptocurrency exchange FTX held a bankruptcy hearing on August 24, which mentioned that in order to return funds in the form of legal currency to creditors, it planned to seek to sell, pledge and hedge its crypto assets worth $3 billion.

the

In order to prevent the market from plummeting, Galaxy Digital CEO Mike Novogratz will also be hired as a consultant, the court document stated:

the

Galaxy Digital will act as an advisor to FTX to maximize the value of asset sales, while staking assets and hedging Bitcoin and Ethereum to reduce the risk of potential price declines.

the

Galaxyl Company has extensive experience in areas related to crypto asset management and trading, including transaction types and intended investment objectives.

the

According to this cooperation plan, FTX’s assets are only allowed to sell tokens equivalent to US$100 million per week, but this can be increased to US$200 million depending on the situation of individual tokens. The purpose of various restrictions is to reduce the impact of token sales on the market. impact, while also meeting the threshold for FTX to repay creditor funds. #cryptocurrency

the

According to published court documents, FTX is seeking to sell, pledge and hedge its crypto assets worth $3 billion. The exchange explained that they plan to return funds to creditors in the form of fiat currency rather than Bitcoin (BTC) or Ethereum (ETH).

the

According to data from blockchain analysis platform Arkham Intelligence, since August 31, FTX wallets have transferred $6.23 million worth of Ethereum, as well as more than $4 million worth of altcoins, from the Solana network to Ethereum.

the

This includes FTT worth $1.2 million, UNI worth $1.8 million, HXRO worth $1.3 million, SUSHI worth $550,000, and FRONT worth $260,000, all transferred to another FTX wallet via Wormhole Bridge.