Crypto exchange FTX gets green light to sell $873 million in assets to repay creditors

Almost $700 million of THE $873 million trust assets allowed has be sold by FTX come Since Shades of grey flagship product, THE Shades of grey Bitcoin Trust, Or GBTC.

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Bankruptcy crypto exchange FTX has has been given THE Green light has sell around $873 million of trust assets, with product used has repay creditors impacted by THE Exchanges collapse In 2022, according to has A Nov. 29 deposit In A Delaware bankruptcy court.

THE $873 million In assets will be coming from Since FTX challenges In miscellaneous trusts issued by crypto active director Shades of grey Investments, estimated has $807 million, And jail service supplier Bitwise — estimated has $66 millions.

While THE court document the references A total of $744 million In assets — This East due has THE assessment figure be as of October. 25, 2023. THE assets to have increase In value Since.

Order to allow FTX Trade has sell trust assets. Source: Kroll

THE approval come almost four weeks After FTX debtors deposit A movement has Judge John Dorsey on Nov. 3 asking THE sale of THE six cryptocurrency trusts — including THE Shades of grey Bitcoin Trust (GBTC), Shades of grey Ethereum Trust (ETHE), And Bitwise ten Cryptocurrency Hint Funds (BITW).

FTX Currently possesses on 22 million units of GBTC, Shades of grey flagship Bitcoin product, NOW value $691 million, while It is 6.3 million actions of ETHE are NOW value around $106 millions.

Shades of grey Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN) And Digital Big Cap Trust (GDLC) are THE three other trusts that FTX can NOW sell has to recover funds For impacted FTX customers.