FTX, a bankrupt crypto exchange, has received approval to sell around $873 million of trust assets to repay creditors impacted by its collapse in 2022. The majority of these assets, valued at $807 million, come from FTX’s stakes in trusts issued by Grayscale Investments, including the Grayscale Bitcoin Trust (GBTC). FTX also holds shares in Bitwise, valued at $66 million. The approval comes after FTX debtors filed a motion requesting the sale of six cryptocurrency trusts. FTX’s administrators have been working to recover assets since the collapse, with $7 billion recovered so far. Former CEO Sam Bankman-Fried has been convicted on fraud-related charges and remains in detention.
Summary:
– FTX has been given permission to sell $873 million of trust assets to repay creditors.
– The majority of these assets come from FTX’s stakes in Grayscale Investments’ trusts, including the Grayscale Bitcoin Trust.
– FTX’s administrators have recovered $7 billion in assets so far.
– Former CEO Sam Bankman-Fried has been convicted on fraud-related charges and remains in detention.
