FTX wallet activity sparks token dump fears as bankruptcy hearing approaches

FTX’s Solana wallet has transferred $10 million in tokens to Ethereum through the Wormhole bridge since August 31.

The FTX debtors, who hold $3.4 billion in crypto, have proposed weekly sale limits of up to $200 million for digital assets.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Large transfers of funds associated with FTX have been on the move, sparking fears that the tokens, and more from FTX’s holdings, may be about to be sold.

The token transfers have sparked fears of incoming token sales leading to price dumps, though it’s unlikely that any large sales are on the immediate horizon. The FTX debtors, in alast month, proposed a typical limit of $100 million per week and a maximum limit of $200 million per week for selling digital assets in order to minimize price impact.

The filing also proposes that for sales of bitcoin, ether, and certain other “insider” digital assets, ten days notice be given to the Committee and Ad Hoc Committee of creditors before the sale. While this filing is not yet legally binding, the matter is expected to come before the Delaware Bankruptcy Court on September 13.

Source: Law Daily Report (lawdailyreport.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FTX court filing reveals former Alameda CEO's $2.5M yacht purchaseIn a recent court filing, FTX Debtors revealed financial statements detailing payments made 90 days to a year before the crypto exchange collapse. Among them, a $2.5 million transaction was made to the American Yacht Club, benefiting former Alameda Research co-CEO Sam Trabucco.
Source: Cointelegraph - 🏆 562. / 51 Read more »

FTX filing shows company bought yacht for former co-CEO Sam TrabuccoThe filings also revealed over $900 million in payments to Sam Bankman-Fried and $3.5 million for his ex-girlfriend Caroline Ellison.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Silicon Valley billionaires’ land grab for utopian development draws fury, fearsUber-rich folk from out of town are bringing change, stress and turmoil to rural Solano County.
Source: mercnews - 🏆 88. / 68 Read more »

‘Not the right place’: Seventh-grader fears new migrant shelter near schoolWalder spoke to The Post’s Deirdre Bardolf this week about her fears as she gets ready for the first day of school on Thursday.
Source: nypost - 🏆 91. / 67 Read more »

How to Stop the Engines That Feed Emotional DistancingNew research shows which fears in relationships keep alexthymia going.
Source: PsychToday - 🏆 714. / 51 Read more »