FTX, the bankrupt crypto exchange, has been granted permission to sell around $873 million of trust assets to repay creditors impacted by its collapse in 2022. The majority of these assets, amounting to nearly $700 million, come from Grayscale’s flagship product, the Grayscale Bitcoin Trust (GBTC). The remaining assets are sourced from FTX’s stakes in trusts issued by Grayscale Investments and Bitwise. FTX’s administrators have been working to recover assets since the collapse, and so far, $7 billion has been recovered, with cryptocurrencies accounting for nearly half of that amount. FTX’s founder, Sam Bankman-Fried, was convicted on fraud-related charges and is awaiting sentencing.
Summary:
– FTX has been given permission to sell $873 million of trust assets to repay creditors.
– The majority of these assets come from Grayscale’s GBTC.
– FTX’s administrators have recovered $7 billion in assets so far.
– FTX’s founder, Sam Bankman-Fried, was convicted on fraud-related charges.