Bankrupt cryptocurrency exchange FTX, along with Alameda Research, has been reported to be transferring over $8.6 million in crypto assets to a Binance deposit address. This move, which indicates that asset sales are currently underway, is part of a court-approved liquidation process. The assets being transferred include LINK token, Aave, Maker, and Ether.
The recent unstaking of 5.5 million Solana worth $122 million from an FTX wallet is also part of this liquidation process. Since its collapse in November, FTX has managed to recover around $7 billion in assets, including billions in illiquid altcoins. The objective of these actions is to maximize creditor value as guided by FTX's bankruptcy trustees.
Crypto analytics firm Nansen tracked this asset transfer and shared the information on Twitter. This development is being closely monitored by analysts and investors alike due to the significant implications it holds for the cryptocurrency market.
FTX's ex-CEO and co-founder, Sam Bankman-Fried, is currently facing seven criminal charges related to the exchange's collapse in a Manhattan court trial. Meanwhile, FTX is seeking approval from the Delaware Bankruptcy Court to liquidate an additional $3.4 billion in crypto assets.
In addition to these measures, FTX has filed a lawsuit against LayerZero, an onchain interoperability protocol, in an effort to recover $21 million in lost assets. As part of their proposed strategy for managing this asset sale, FTX's legal team has suggested Mike Novogratz's Galaxy as the entity to handle it.
The new management at FTX is working diligently towards repaying creditors by selling assets that predominantly comprise digital coins and tokens. This includes staking Solana tokens as part of their recovery strategy.
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