FTX sold $2.1 Billion worth of Bitcoin & Crypto in two months

Reportedly the FTX crypto exchange became the bigger crypto dumper entity over the last three months, as a part of accumulating funds to repay the customers. 

Now-bankrupt firm FTX was a popular crypto trade platform which collapsed badly in Q4 2022 following a background report over the company’s fake financial position by Coindesk media. FTX co-founder & former CEO Sam Bankman-Fried (SBF) misused the customer’s funds for personal benefits and currently, he is in jail. 

On 28 Jan 2024, Bloomberg reported that the FTX crypto exchange sold nearly $2.1 billion worth of Bitcoin & crypto between October to December of last year. 

In short, FTX collected nearly $4.4 billion by December 2023, up from the initial $2.3 billion in October. 

As per the report, FTX plans to sell nearly 22 million GBTC shares in Jan of this year, worth nearly $1 billion. This means more correction in the trade price of Bitcoin will come in the coming days.

According to available data records & information, FTX can’t repay the full payment to its customers, even after collection of $5.4 billion because debtors’ funds are nearly $7 to 8 billion dollars. 

A few months ago, some experts shared their opinion on the FTX bankruptcy proceedings and said that FTX’s current leadership is doing its work perfectly but in return they are spending huge amounts of money to pay for the legal experts & lawyers.

Notably, the majority of the FTX creditors are not happy with this decision of FTX exchange and they only want crypto assets, instead of money. 

In Nov of last year, some reports claimed that three big players showed interest in rebooting the FTX crypto exchange under a new brand name but now it seems that the FTX name is going to disappear forever.

Read also: Popular hedge fund founder says Bitcoin will skyrocket to $170,000 after the “Halving”