FTX Has Started Liquidation Of Assets?

According to on-chain data, a large number of FTX trading platforms have started to collect different assets and large amounts of money into the same chain address, 0x59abf3837fa962d6853b4cc0a19513aa031fd32b and it is suspected that bankruptcy preparations have begun.

At around 09:50 AM, the crypto community recorded a large amount of tokens being converted into stablecoins by FTX and FTX US and transferred to a single wallet.

Currently, this wallet has received up to $218 million in stablecoins and tokens, and $68 million in ETH. It is not clear whether this is the liquidation of company’s assets to serve the bankruptcy process or some other reason.

As mentioned in an earlier Coincu News article, According to an announcement posted on November 11, cryptocurrency exchange FTX has filed for bankruptcy in the US court, Sam Bankman-Fried has also announced his resignation as CEO and John Ray is the name appointed to replace it.

According to Bloomberg Billionaire Index, a website that statistics billionaires’ wealth, the value of former CEO Sam Bankman-Fried has been recorded to decrease by $1 after declaring bankruptcy.

In its bankruptcy filing, the crypto company declared its current assets and liabilities to be in the range of $10-50 billion.

Once a mainstay in the industry, the collapse of FTX caused a major market meltdown. A series of organizations, investment funds and projects declared “fight”. It is highly likely that the number of crypto organizations/projects/companies that admit to being involved in FTX-Alameda will continue to increase in the near future when we cannot fully understand the impact of the incident.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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