In a significant development, the bankrupt cryptocurrency exchange FTX, in collaboration with Alameda Research, has initiated the transfer of over $8.6 million in crypto assets to a Binance deposit address as part of a court-approved liquidation process. Among the assets being transferred are LINK tokens, Aave, Maker, and Ether.
Furthermore, the recent unstaking of 5.5 million Solana tokens, valued at $122 million, from an FTX wallet is also part of this meticulously orchestrated liquidation strategy. Since its collapse back in November, FTX has made considerable progress in recovering around $7 billion in assets, a portion of which consists of illiquid altcoins. The primary aim of these actions is to optimize creditor value, under the guidance of FTX’s bankruptcy trustees.
This asset transfer has not gone unnoticed, with crypto analytics firm Nansen actively tracking and disseminating information regarding it on Twitter. The unfolding developments have piqued the interest of analysts and investors, given the substantial implications they bear for the cryptocurrency market.
In parallel to these proceedings, FTX’s former CEO and co-founder, Sam Bankman-Fried, currently faces seven criminal charges directly related to the exchange’s downfall, a case now being heard in a Manhattan court trial. Meanwhile, FTX is actively seeking approval from the Delaware Bankruptcy Court for the liquidation of an additional $3.4 billion in crypto assets.
To complement these measures, FTX has initiated legal action against LayerZero, an on-chain interoperability protocol, in a bid to reclaim $21 million in lost assets. As part of their proposed strategy for managing this asset sale, FTX’s legal team has recommended the involvement of Mike Novogratz’s Galaxy.
Under new leadership, FTX is diligently working towards repaying its creditors through the sale of assets, the majority of which are composed of digital coins and tokens. This includes the staking of Solana tokens, an integral part of their comprehensive recovery plan.
