The new management of the bankrupt FTX exchange has identified $5.5 billion in assets that can be used to repay creditors, sparking fears a large swathe of crypto assets could be dumped on markets.
On Jan. 17, FTX debtors identified $3.5 billion in crypto assets with $1.6 billion associated with the bankrupt exchange. The best known holdings are Solana's SOL and FTX exchange token FTT, along with liquid assets including XRP, DOGE, Aptos (APT), Polygon (MATIC), TON, and BitDAO (BIT).
Liquidators valued the tokens at the time of the bankruptcy petition. Cinneamhain Ventures partner, Adam Cochran, commented:
He added these were the only “liquid” tokens they counted, adding “everything else is going to tank the price if you sell it.”
1/2So liquidators were counting token prices on the day of filing, and consider the $529M of FTT to be "liquid" in this calculation, as well as $685M of Solana which would mega nuke the SOL market. pic.twitter.com/UTIxQ4EDdX
A list of illiquid crypto tokens has also been identified raising concerns they could be sold off causing a price crash.
On Jan. 18, Fortune reporter Leo Schwartz also posted the FTX report, highlighting the “illiquid tokens” list includes almost 10 billion Serum (SRM), LUNA, and Solana-wrapped versions of BTC and ETH.
But many were obscure project tokens such as TRUMPLOSE, BEAR, and MEDIA.
A breakdown of what FTX has deemed "illiquid tokens," including my personal favorite easter egg from the infamous SBF balance sheet, TRUMPLOSEhttps://t.co/iz9wAF3fM4 pic.twitter.com/c3HHlrtiwM
He highlighted TRUMPLOSE as an "Easter egg" which ties in with FTX and Alameda supporting Democrat politicians with large donations. TRUMPLOSE is a prediction token that FTX used during the U.S.
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