The brand new administration of the bankrupt FTX change has recognized $5.5 billion in property that can be utilized to repay collectors, sparking fears a big swathe of crypto property may very well be dumped on markets.
On Jan. 17, FTX debtors recognized $3.5 billion in crypto property with $1.6 billion related to the bankrupt change. The most effective identified holdings are Solana’s SOL and FTX change token FTT, together with liquid property together with XRP, DOGE, Aptos (APT), Polygon (MATIC), TON, and BitDAO (BIT).
Liquidators valued the tokens on the time of the chapter petition. Cinneamhain Ventures companion, Adam Cochran, commented:
“So liquidators have been counting token costs on the day of submitting, and take into account the $529M of FTT to be ‘liquid’ on this calculation, in addition to $685M of Solana which might mega nuke the SOL market.”
He added these have been the one “liquid” tokens they counted, including “the whole lot else goes to tank the value should you promote it.”
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So liquidators have been counting token costs on the day of submitting, and take into account the $529M of FTT to be “liquid” on this calculation, in addition to $685M of Solana which might mega nuke the SOL market. pic.twitter.com/UTIxQ4EDdX
— Adam Cochran (adamscochran.eth) (@adamscochran) January 17, 2023
An inventory of illiquid crypto tokens has additionally been recognized elevating considerations they may very well be offered off inflicting a value crash.
On Jan. 18, Fortune reporter Leo Schwartz additionally posted the FTX report, highlighting the “illiquid tokens” checklist contains nearly 10 billion Serum (SRM), LUNA, and Solana-wrapped variations of BTC and ETH.
However many have been obscure venture tokens equivalent to TRUMPLOSE, BEAR, and MEDIA.
A breakdown of what FTX has deemed “illiquid tokens,” together with my private favourite easter egg from the notorious SBF stability sheet, TRUMPLOSEhttps://t.co/iz9wAF3fM4 pic.twitter.com/c3HHlrtiwM
— Leo Schwartz (@leomschwartz) January 17, 2023
He highlighted TRUMPLOSE as an “Easter egg” which ties in with FTX and Alameda supporting Democrat politicians with giant donations. TRUMPLOSE is a prediction token that FTX used in the course of the U.S. presidential election. Merchants might buy TRUMPWIN or TRUMPLOSE tokens that might resolve to $1 ought to Trump have received or misplaced. FTX holds nearly 14 million of them.
BEAR Coin is a cryptocurrency designed to assist animals by decentralized fundraising in cooperation with NGOs and animal lovers. There are 190 billion of them on the FTX stability sheet.
It additionally has 8.3 million tokens from the bandwidth-sharing community, Media. The checklist goes on with 9.8 billion MAPS tokens from the Maps.me journey app, and nearly 10 billion OXY tokens for the Solana-based DeFi dealer Oxygen.
Associated: FTX has recovered over $5B in money and liquid crypto: Report
Different illiquid property embody 2.4 billion Alium Finance (ALM), and greater than 277 million in Bonafida (FIDA), a Solana developer platform. The checklist additionally included BRZ, GT, LIKE, HRXO, MSOL, JSOL, XSUSHI, AELPH, and JET holdings.
SBF nonetheless running a blog
On Jan. 18, FTX founder Sam Bankman-Fried reappeared with a brand new weblog publish claiming the FTX report’s data on the state of the enterprise was “extraordinarily deceptive.”
“FTX US was solvent when it was turned over to S&C [Sullivan & Cromwell], and nearly definitely stays solvent at present,” he acknowledged.
