The infamous bankrupt crypto exchange – FTX – has recovered assets worth $7.3 billion, according to a report by Reuters.The updated number showed an addition of over $800 million in liquid assets to its January number.Moreover, the lawyers have stated that the company is focusing on the future of the exchange as the “dumpster fire is out”.Is your portfolio green? Check out the FTX Profit Calculator Furthermore, there were discussions on the exchange’s plan to relaunch, with the attorneys stating that the plan was considered.The firm, however, would require significant outside capital or would have to sell its assets for a reboot to take place.Additionally, the restructuring team was considering allowing customers to invest part of their funds in the exchange as one of the means to relaunch.The decision on this could take place as soon as this quarter.FTX’s token – FTT jumps on the latest hearing The latest hearing has had the price of FTT – the exchange’s token – skyrocket in the market.
According to CoinMarketCap, FTT was trading at $2.73 at press time and registered a growth of over 60% in the past hour.The coin had a market cap of $744 million and a trading volume of over $114 million.Its one-day chart also registered a growth of 106.35%, while the sevenn-day chart followed the same path.Notably, the court hearing will also decide whether or not Sam Bankman-Fried can access the $10 million insurance funds to cover his legal expenses.The insurance, taken before the exchange went under, was meant to protect the top executives of FTX from lawsuits.And, if approved by the court, Relm Insurance and Beazley Insurance could start evaluating whether Bankman-Fried stands eligible for the insurance.
FTX’s European arm could go up for sale Subsequently, the company made an announcement related to FTX’s European arm earlier today.The firm stated a Swiss court approved its Moratorium to explore options for selling the European arm.Along with the approval, the court also appointed an administrator for the European arm.The announcement read, “FTX Europe AG notes the Moratorium process will facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business pursuant to U.S.
Bankruptcy Court-approved bidding procedures.” The company also stated that this will not affect its plan to repay the European customers.The repayment process, initiated on 31st March 2023, allows customers to verify balances and make withdrawal requests through a dedicated website.
Leave a Reply [Cancel reply](/news/ftt-skyrockets-by-over-60-as-relaunching-plan-discussed-in-latest-hearing/#respond) Leave a Reply – The latest filing indicates FTX’s commitment towards paying its creditors.- The filing spurred FTT bulls since 14 March.FTX’s native token, FTT, beat the odds earlier in 2023 when it posted a rally in January.This was an unexpected outcome, considering the woes that the exchange suffered.
At press time, FTT was attempting another rally.Is your portfolio green? Check out the FTX Profit Calculator Does the new FTT rally mean there is hope for traders who suffered huge losses through the FTX collapse? Understanding the rally and the reasons behind it may offer important insights into FTT and its future.FTT’s price action had been bearish since mid-January to its latest low on 11 March.It bounced back by 83% since then to last week’s highs.FTT achieved a sizable uptick the last time it found favor with the bulls in January.If that were to happen again, then its $1.45 press time price might be in for some more upside.The chances of history repeating are quite high, especially after the latest development regarding FTX.FTX and its debtors issue important update FTX’s debtors issued a summary presentation filed under Chapter 11.
This meant it was part of the exchange’s bankruptcy filing and it highlighted FTX’s plans to facilitate payment to creditors and stakeholders.FTX Debtors make available summary presentation of the filed Schedules and SOFAs: https://t.co/Lr8PqxTHBt — FTX (@FTX_Official) March 17, 2023 The summary presentation was published on 17 March, a day before FTX bulls supercharged their rally.This may indicate that traders received the update as a positive sign for FTX, thus the robust bullish volumes.On-chain metrics registered noteworthy activity shortly after the summary presentation was published.
For example, there was a surge in active deposits and active withdrawals on 18 March, hours after the publication made headlines.It is also worth noting that the supply of FTX on exchanges rose since 14 March, leading to speculation whether FTX was planning to make a comeback.Others speculated that it could be a move aimed at securing liquidity to pay off creditors.Realistic or not, here’s FTX’s market cap in BTC’s terms Whatever the reason, a look at whale activity reveals some interesting observations.The supply held by top addresses grew slightly in the last seven days before registering outflows.The supply distribution metric demonstrated that observation.
Whales holding over 10 million FTT (represented by the pink line) increased their balances early last week before selling off a substantial amount.The same category of whales controlled over 29% of FTT’s circulation at press time, hence they may have a large impact on the price.The outflows from the same whales may limit FTT’s potential upside.Alameda Research Ex-FTX executive’s charity made millions from insider deal on FTT – Polaris Ventures reportedly sought to receive roughly $150 million from FTT’s sales.- The foundation has made millions of dollars selling the tokens after they were publicly traded at $1 in 2019 and 2020.Polaris Ventures, a charity founded by former FTX and Alameda chief of staff Ruairi Donnelly, reportedly sought to receive roughly $150 million from the bankrupt exchange’s employee token sales.
According to the Wall Street Journal on 14 February, Donnelly earned approximately $562,000 in salary during his tenure at FTX.His salary was converted into FTT at $0.05, a rate not available to the public.As per the report, the former executive donated the tokens to Polaris Ventures, selling them for $1 when public trading opened in 2019 and 2020, making millions.FTX donated the token to the charity he co-founded in Switzerland.Furthermore, the foundation made millions of dollars selling the tokens after they were publicly traded at $1 in 2019 and 2020.FTX crash sent shockwaves across the industry FTX declared Chapter 11 bankruptcy in November 2022; later, many wallets and funds associated with the exchange were seized or otherwise frozen for legal proceedings.
Donnelly is reportedly looking to cash out the $150 million during public scrutiny of FTX and Alameda, as well as their former CEOs.Jason P.W.Halperin, Donnelly’s lawyer, said to the Wall Street Journal: “The FTT that Mr.Donnelly directed to be donated on his behalf to Polaris were not FTX’s funds.” As FTX navigated Chapter 11 bankruptcy, Polaris’ assets worth $30 million remained out of reach.According to the report, the company had approximately $150 million in assets at press time.In December, debtors at the exchange said that they would arrange for the return of funds donated to charities or campaign contributions and threatened to sue if any group refused to pay with interest.
Many regulators have announced investigations into charitable groups amid FTX’s bankruptcy proceedings in the United States.Moreover, in January 2023, the Charity Commission for England and Wales announced that it had launched an investigation into Effective Ventures because FTX was a significant funder of the organization.Alameda Research Examining The Holdings Of 5 Centralized Crypto Exchanges: A Look At Binance, Okx, Crypto.com, Bitfinex, And Huobi After FTX collapsed, the incident prompted many major crypto exchanges to publish proof-of-reserves and lists of known addresses so users can verify the solvency of the trading platforms.While the veracity of these proof-of-reserve lists and asset dashboards is debatable, they do provide some insight into the large sums of cryptocurrency held in custody by major exchanges.
For example, Binance, the largest cryptocurrency exchange by trade volume, manages $66 billion in crypto assets, which is more than 6% of the entire cryptocurrency economy’s net value of $1 trillion.An Inspection of 5 Proof-of-Reserves Lists That Provide Insight into Large Cryptocurrency Holdings It has been more than 80 days since Coindesk published a story about Alameda Research’s balance sheet, which showed the quantitative trading desk owned a large amount of ftx token (FTT).
Then, on Nov.6, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his exchange would be selling its FTT holdings.Since then, FTT has lost considerable value and FTX filed for bankruptcy protection five days later on Nov.11.At that time, and prior to FTX’s failure, it was challenging to monitor the exchange’s reserves as executives kept things very opaque.This situation has led exchanges to release proof-of-reserve lists and there has been criticism from crypto industry members over specific types of lists and how they are audited.
Additionally, Paul Munter, the U.S.Securities and Exchange Commission’s (SEC) acting chief accountant, recently stated that the SEC is closely monitoring proof-of-reserves (POR).Despite the complaints, the available proof-of-reserve lists provide some insight into what entities hold and, to a certain extent, they help improve market stability because people can monitor the holdings.The following is an examination of five different centralized crypto asset exchanges and their holdings in crypto assets as of Jan.22, 2023, according to nansen.ai’s exchange list.Nansen features a dashboard for 18 different centralized crypto exchange platforms.Binance Binance is the largest with $66 billion in digital assets held in reserves by the crypto exchange giant.On Jan.
22, the largest crypto exchange by trade volume held 486,427 bitcoin (BTC), worth $11.1 billion.In terms of stablecoins, Binance holds $13.2 billion in tether (USDT) and $13.3 billion in BUSD.Additionally, Binance holds 4.7 million ether, worth $7.6 billion, and another $7.6 billion worth of binance coin (BNB).The exchange also holds more than $13 billion worth of other crypto assets that are too numerous to name.
If Binance’s stash was included in the top ten crypto assets by market cap, it would rank in the fourth position.Okx Nansen’s dashboard list shows that the crypto exchange Okx holds $7.6 billion in crypto assets.$3 billion of the funds are held in tether (USDT), and the exchange also holds 97,656 BTC, worth $2.2 billion.25.95% of Okx’s assets are held in ethereum (ETH), or a balance of 1.2 million ether, worth $1.9 billion, using current exchange rates for ETH.Additionally, Okx holds roughly 294 million usd coin (USDC) as well.Crypto.com Crypto.com manages around $3.83 billion on Jan.22, and its holdings currently include 44,208 BTC, worth just over $1 billion.
The exchange also holds 514,763 ETH, which is worth roughly $833 million on Sunday.
Nansen’s Crypto.com dashboard further shows that the trading platform holds 17.28% of its holdings in shiba inu (SHIB).Crypto.com’s SHIB holdings include around 55.2 trillion SHIB, or $663 million worth of the meme token.The trading platform also manages around 585 million usd coin (USDC) and 2.1 billion cronos (CRO), worth around $167 million.
Bitfinex The digital currency trading platform Bitfinex holds $8 billion in crypto assets on Sunday, Jan.
22, 2023.54.29% of Bitfinex’s holdings are in bitcoin (BTC), or around 191,654 BTC, worth $4.36 billion today.28.15% of Bitfinex’s assets are kept in unus sed leo tokens (LEO), or around $2.2 billion worth of LEO.The exchange also holds 466,014 ethereum (ETH), worth $756 million, on Jan.22.Additionally, Bitfinex manages 331 million tether (USDT) and 0.64% of Bitfinex’s assets, or around 126 million XRP, are held in reserves.
Huobi Huobi holds around $3.17 billion on Jan.22, and 30.91% of the assets are in the exchange coin, huobi token (HT).The exchange manages 196 million HT, which is worth roughly $980 million today in USD value.Huobi also holds 617 million tether (USDT) and 9 million tron (TRX), worth $596 million.12.13% of Huobi’s assets are held in BTC, 5.35% is stored in ETH, and 13.35% of Huobi’s assets are alternative crypto assets too numerous to name.$7.7 million worth of the value derives from the 57.58 million HUSD that Huobi holds, which is 30.66% of the HUSD supply.
While HUSD was once a stablecoin pegged to the U.S.dollar, HUSD is now trading for $0.13 per coin.
The 5 Exchanges Hold $88.6 Billion or 8.6% of the Crypto Economy’s Current USD Value All five of the aforementioned cryptocurrency exchanges hold $88.6 billion in crypto assets combined.The combined value of all five of the exchange’s reserves equates to 8.6% of the current $1 trillion crypto economy.
74.49% of the $88.6 billion is held on Binance, and the rest is dispersed among Okx, Crypto.com, Bitfinex, and Huobi.The trading platform with the largest exchange token coins is Bitfinex, with its stash of $2.2 billion worth of LEO.
Out of the five mentioned exchanges, Binance holds the most Bitcoin (BTC) with its cache of 486,427 BTC.Tags in this story Alameda Research, Asset dashboards, Balance Sheet, Balances, bankruptcy protection, Binance, Binance CEO, BitFinex, Centralized crypto exchange platforms, Changpeng Zhao, crypto assets, Crypto Balances, crypto exchanges, Crypto.com, Cryptocurrency Economy, FTT, ftx, full audits, holdings, Huobi, Lists, Market stability, Nansen, Nansen.ai, nansen.ai’s exchange list, Net value, Okx, Opacity, Paul Munter, Proof of Reserves, Proof-of-Reserves Concept, Proof-of-Solvency, SEC, trade volume What do you think about the recent trend of crypto exchanges publishing proof-of-reserve lists and asset dashboards? Do you have concerns about the veracity of these lists? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, nansen.ai’s exchange list, Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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