The wallet, under the control of Alameda Research, a sister company to the bankrupt FTX exchange, currently holds $167 million in assets, including $72.8 million in stablecoins, $24 million in Ethereum (ETH) tokens, and other notable coins.
FTX Plans to Sell Nonstrategic Investments
FTX, the bankrupt exchange, has recently located more than $5 billion of cash, liquid cryptocurrency, and liquid investment securities, according to a lawyer representing the company in the bankruptcy court. The exchange plans to sell nonstrategic investments with a book value of $4.6 billion. Crypto analyst Lookonchain believes the sale could cause significant selling pressure on the digital asset market.
FTX Prioritizes Sale of LedgerX, FTX Japan, and More
As the deadline for initial bids for FTX approaches, around 117 parties have expressed interest in buying units of the company. FTX is prioritizing the sale of LedgerX, FTX Japan, FTX Europe, and the stock-clearing platform Embed, arguing that these listed firms are the easiest to separate and have greater depreciation risk if not sold quickly. The FTX bankruptcy case is expected to take several years.