Huge Crypto Dump Incoming As FTX Plans To Sell Altcoins Price $4.6B

Although the FTX bankruptcy was two months ago, the difficulty is way from over for the crypto industry. Currently, latest FTX CEO John Ray and his team are working to seek out as many liquid assets as possible to make up for the client losses.

As Bitcoinist reported yesterday, they’ve managed to get better around $5 billion in liquid assets. “We’ve situated over $5 billion of money, liquid cryptocurrency and liquid investment securities,” Andy Dietderich, an attorney for FTX said Wednesday in U.S. Bankruptcy Court in Delaware.

Massive Crypto Dump Coming?

What could have been much more noteworthy was Dietderich’s statement that FTX plans to dump non-strategic holdings with a book value of $4.6 billion, which could lead on to tremendous selling pressure within the crypto market.

While Dietderich also stressed that the legal team continues to be working to create accurate internal records, which could mean that the sale shall be pushed back a bit, the liquidators could also take a staggered approach to the method.

The FTX lawyer also revealed that the recovered funds don’t include the assets seized by the Bahamas Securities and Exchange Commission, which Dietderich estimates at only $170 million, while Bahamian authorities put the worth as high as $3.5 billion. That’s since the funds primarily consist of the illiquid FTT tokens, Dietderich said.

Which Altcoins Could Be Hit The Hardest?

Coinbase director Conor Grogan has been searching through all wallets to find out which altcoins FTX still owns. The biggest crypto position, in accordance with Grogan, is Solana (SOL), of which FTX owns more than $700 million. To this, nevertheless, the Coinbase director notes that the majority of them are locked, so he will not be sure why they may have counted them.

That is followed by $575 million in FTT, $371 million MAPS, $127 million OXY, $90 million WBTC, $82 million BONA, and around $500 million “in other random” Solana-based (SPL) tokens.

“My easy model is that the estate wants a ‘win’ and good publicity to speak through all of the progress they’ve made,” Grogan claimed and continued on to say that in his opinion, the $5 billion figure is way too high for what may very well be sold on an open market.

At the identical time, Grogan acknowledged that the $4.6 billion is probably going not only altcoins, but in addition Robinhood shares, other stocks, and real estate. “400 million in Robinhood is a major number that might be fairly valued. The remaining… Hard to say,” the Coinbase director said.

Meanwhile, the on-chain evaluation service “Lookonchain” has drawn attention to the Alameda assets receiving wallet, which received 30 million USDC from “Alameda Research 25” a couple of hours ago.

The wallet currently holds crypto price $167 million, including 100 million BIT ($46.6 million), 41 million USDT, 31.8 million USDC, 17,177 ETH ($24 million), 4.6 million SUSHI ($5.2 million), 10 million WXRP ($3.76 million), 6.86 million RNDR ($3.2 million), and 6.86 million SRM ($1.6 million).

At press time, the Solana (SOL) price stood at $16.27. The value almost doubled for the reason that bottom at $8.16 on December 29.

SOL has almost doubled in price for the reason that bottom | Source: SOLUSD on

Featured image from 3844328 / Pixabay, Chart from

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