Bankrupt exchange FTX holds $1.16 B worth of Solana (Sol), will it sell?

On Sep 12, 2023

A new court filing showed that the bankrupt crypto exchange FTX is holding nearly $7 billion worth of funds, including a huge amount of crypto assets.

FTX was a popular crypto exchange until a report by the Coindesk media came to the public over the financial position of the FTX exchange & its sister firm Alameda Research. In Nov 2022, the FTX exchange filed for bankruptcy under the Chapter 11 code along with 120 subsidiaries, Including Alameda Research. Under the leadership of John Ray III, the current FTX team is recovering all the FTX customers’ funds which were unethically sent to FTX co-founder’s friends & close ones.

As per the new filed document with the court on 11 Sep 2023, FTX’s current leadership team confirmed that FTX exchange so far brought the FTX’s balance equal to $7 billion. In the holdings, there are $1.16 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC).

The document showed that the company held nearly $1.5 billion in cash in addition to the $1.1 billion it held on Nov. 11, and also holds $3.4 billion in crypto. The value of the holding crypto assets mentioned on behalf of the trade price recorded on 31 Aug.

As per court filing, the FTX current leadership is seeking regulatory approval from the court to recover FTX customers funds from 38 condos, penthouses, and other properties in the Bahamas with an estimated value of around $200 million.

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According to court documents filed on Monday, bankrupt FTX has organized about $7 billion in assets, including $1.16 billion worth of SOL and $560 million worth of BTC. SBF and other executives received $2.2 billion worth of cash, cryptocurrency, equity, and real estate in the…
— Wu Blockchain (@WuBlockchain) September 11, 2023

Recently the FTX exchange team discussed taking legal action against all those sport stars who got funds for promoting the FTX exchange.

In recent days the majority of the crypto traders talked about the FTX exchange’s crypto fund holdings. As per reports, the FTX exchange is seeking regulatory approval to sell its all crypto-holding assets.

Reportedly FTX holds nearly $1 billion worth of Solana (Sol) coin only for selling and this news created a very big sell pressure in the crypto market.