FTX, the cryptocurrency exchange co-founded by Sam Bankman-Fried, has obtained approval from a bankruptcy judge to liquidate its digital assets for the purpose of repaying its creditors.
Judge Kaplan has denied Sam Bankman-Fried's requests to be released pre-trial, in which he's argued he doesn't have computer access sufficient to prepare his defense.— Molly White (@molly0xFFF) September 12, 2023
Judge says he's allowed to try again with "a more factually grounded and persuasive showing". Oof. pic.twitter.com/t38PUyrogU
Currently, he is detained in a Brooklyn jail, awaiting his trial scheduled for October 2.
FTX is preparing to liquidate a wide range of cryptocurrencies. Here is the comprehensive list of crypto assets FTX intends to liquidate:
Upon this news, Bitcoin experienced a 0.9% dip, Ethereum declined by 1%, and Solana faced a more substantial drop of 2.2%. Currently, FTX holds over $3.4 billion in digital assets and possesses a venture investment portfolio worth approximately $4.5 billion.
This includes $200 million in luxury real estate in the Bahamas and $529 million in securities.