FTX, a cryptocurrency alternative, has been given authorization to sell its digital assets, which amount to about $3.4 billion. The decision was made by Judge John Dorsey in the U.S. Chapter Court for the District of Delaware as part of a larger strategy to pay creditors during bankruptcy.
Despite some resistance, the judge ultimately approved the motion, paving the way for one of the most significant asset liquidations in bitcoin history. According to documents dated September 11, the struggling exchange has amassed assets totaling almost $7 billion, including $560 million in Bitcoin (BTC), $119 million in XRP, and $1.16 billion in Solana (SOL) tokens.
According to the court-approved arrangement, Mike Novogratz-led Galaxy Digital would serve as the funding manager responsible for managing the transaction. The plan allows FTX to sell up to $100 million worth of tokens each week; this cap might possibly be doubled for specific tokens.
