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BREAKING: FTX Update On Bankruptcy Process!

By September 11, 2023No Comments2 min read
September 11 2023 BREAKING FTX Update On Bankruptcy Process

Intro:

Today the 11th of September 2023, in the united states bankruptcy court for the district of Delaware an update on the bankruptcy was issued! Investors traders and speculators a like will all be interested in the recent court filing. The court filing goes over claims both non-customer and customer in regards to the funds FTX has left. In this article we will explore the recent court filing

September 11 2023 BREAKING FTX Update On Bankruptcy Process

Update:

Recently their has been rumours floating around twitter and other media outlets that FTX would begin selling their crypto to pay back debtors starting from the 13th of September. In the recent filing these rumours where not confirmed and the process for bidding on these assets, mediation with debtors and council is likely to take at least until the end of October with the below timelines given.

September 11 2023 BREAKING FTX Update On Bankruptcy Process
September 11 2023 BREAKING FTX Update On Bankruptcy Process
September 11 2023 BREAKING FTX Update On Bankruptcy Process
September 11 2023 BREAKING FTX Update On Bankruptcy Process

Update on FTX’s assets:

one of the most important things shared in the recent filing was an update on FTX’s assets, they estimate as of the 31st of August 2023 that the estate of FTX is around $7 billion dollar! This however is not all in crypto and under half of the estimated estate is in ‘crypto assets’

September 11 2023 BREAKING FTX Update On Bankruptcy Process

Update on FTX’s ‘Crypto asset holdings:

  1. Solana $SOL: $1,162 billion
  2. Bitcoin $BTC: $560 million
  3. Ethereum $ETH: $192 million
  4. Aptos $APT: $137 million
  5. Tether $USDT: $120 million
  6. $XRP: $119 million
  7. $BIT: $49 million
  8. $STG $46 million
  9. Wrapped Bitcoin $WBTC: $41 million
  10. Wrapped Ethereum $WETH: $37 million
September 11 2023 BREAKING FTX Update On Bankruptcy Process

This estimate is taken from the 31st of August 2023.

Conclusion:

The whole FTX story is a very sad one and has defiantly scared many crypto investors, and left its mark on the crypto space! This will likely continue to be an ongoing story that wont get resolved until the estate of FTX is liquidated and debtors have some recovery of their funds but likely fraction of what they lost. here at allincrypto we will keep you up to date as thing unfold!

Allincrypto

With over 7 years of hands-on experience as a crypto investor and an additional 12 years observing the industry, I've witnessed the evolution of the crypto landscape firsthand. My journey has been marked by significant successes, but not without its fair share of learning experiences. I'm eager to impart my insights to you, helping you navigate this space without repeating the missteps I encountered.

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