FTX exchange has gathered $4.6 billion worth of tokens to sell, fueling fear of market sell-off
of altcoins worth $4.6 billion. As revealed by one of the company's attorneys, Andy Dietderich, a total sum of $5 billion in liquid assets have been located, and there are plans to sell off the stated value in nonstrategic altcoin holdings.
Since FTX filed for bankruptcy in November, its current chief executive officer, John Ray III, and its team of liquidators have been exploring various avenues to dig up cash that it can use to pay back the exchange's tons of creditors., it declared that its creditors number at least 100,000 and could be as high as one million altogether.
As part of the need to gather funds, the firm has requested permission to sell four of its wholly-owned subsidiaries, including FTX Europe and Embed Technologies, among others. With the revelation that it has over $4.6 billion in altcoins that it could sell, fair relief might be near for the exchange's creditors.Should FTX be granted permission to liquidate the altcoins as it has planned, the market may react with opposing views to general expectations.
While earlier reports revealed that FTT, the exchange's native token, accounts for the bulk of the assets on the exchange's balance sheet, the coin may record a significant pullback to complement the
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