According to documents filed with the US bankruptcy court on September 11th, the entity overseeing FTX has provided the latest figures regarding the recovered assets.
As of August 31, 2023, FTX has successfully recovered $7 billion in assets. Within this sum, $3.4 billion consists of Category A cryptocurrencies, defined as highly liquid. These include:
– $1.1 billion in Solana (SOL)
– $560 million in Bitcoin (BTC)
– $192 million in Ethereum (ETH)
– $137 million in Aptos (APT)
– $120 million in Tether (USDT)
– $119 million in XRP (XRP)
– $49 million in BitDAO (BIT)
– $46 million in Stargate (STG)
– $41 million in Wrapped Bitcoin (WBTC)
– $37 million in Wrapped Ethereum (WETH)
Additionally, FTX holds nearly $900 million worth of Category B crypto tokens, defined as less liquid, with various tokens belonging to the “Sam coin” group, including Serum (SRM), Maps.me (MAPS), Oxygen (OXY), Bonfida (FIDA), and others.
Currently, FTX intends to sell highly liquid crypto assets to repay debt and revive the exchange. They plan to sell around $100-200 million per week. On September 10th, Galaxy Digital began liquidating FTX’s assets over-the-counter. Galaxy Digital has already sold 3 million MATIC to Coinbase and Kraken.
Given the massive quantity of tokens held by FTX, the cryptocurrency community is concerned about the potential impact of this widespread sell-off. However, FTX’s asset sale plan still needs court approval in the September 13th hearing, and it’s not certain whether the exchange can sell all assets as Solana did. Solana’s assets were initially locked and are gradually being unlocked until 2027-2028.
Nevertheless, in the worst-case scenario, Justin Sun has discussed the liquidation of FTX assets through OTC or auction. According to the TRON founder, this is currently the optimal approach, as it can alleviate pressure on the entire cryptocurrency market.
Despite his statement that he would “acquire FTX” if the exchange opens an auction, there is still considerable skepticism within the community regarding Justin Sun’s financial capacity to participate in such a venture. Last year, shortly after FTX declared bankruptcy, Justin Sun made an effort to “extend a helping hand” to rescue FTX. However, this was merely verbal, and FTX continued to face financial troubles since then, with the new management team continuously working to escape bankruptcy.