A series of transfers from an official FTX wallet adding up to more than $10 million in Ethereum and other altcoins has raised concerns of a potential sell-off ahead of the exchange’s bankruptcy hearing on Sept. 13.
’s Galaxy Digital Capital Management as the investment manager charged with overseeing the sale and management of its recovered crypto holdings.
According to the plan, the FTX estate would only be permitted to sell $100 million of the tokens per week, however, that limit could be raised to $200 million on an individual token basis. These limits are intended to minimize the impact of token sales while simultaneously allowing FTX to make creditors whole.
In addition to this plan, the exchange also filed a separate motion to hedge its larger holdings of Bitcoin and Ether. While the propositions set forward in the filings are not yet legally binding, the case of FTX token sales is expected to come before the Delaware Bankruptcy Court on Sept. 13.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dwayne Johnson, Oprah Donate $10 Million, Launch Maui Wildfire Relief FundDwayne 'The Rock' Johnson and Oprah Winfrey are stepping up to help those affected by the recent wildfires in Maui.
Read more »
Shoppers Call This $10 Treatment ‘Liquid Gold’ for Strengthening ‘Ridged & Peeling’ NailsGive your nails the love and care they deserve with this liquid treatment.
Read more »
A brief history of EthereumFrom its humble beginnings to its current status as a leading cryptocurrency, here's a rundown of Ethereum's journey.
Read more »
Amazon’s Epic Labor Day Sale Includes Fall-Ready Sweaters, Loungewear, and Dresses Starting at Just $10Amazon dropped thousands of Labor Day deals on fall-ready fashion, and prices start at just $10. Shop cozy sweaters, stylish lounge sets, and timeless basics for less than $50 this weekend.
Read more »
These Ethereum Staking Providers Agree on Self-Limit Rule to Preserve Network DecentralizationThe idea is to protect the decentralization of the second-largest blockchain network.
Read more »