FTX Bankruptcy Unveils $1.1 Billion Crypto Holdings, Threatening Market Prices

The U.S. Bankruptcy Court for the District of Delaware has granted permission to FTX, a bankrupt crypto exchange, to sell and invest its crypto holdings, including Bitcoin (BTC) and Solana (SOL), to repay its creditors. The judge overruled objections and approved the motion, allowing FTX to sell, stake, and hedge its crypto assets, which are valued at over $3.4 billion. FTX argued that these activities would limit downside risk and generate returns for the benefit of the estates and creditors. The exchange also requested to hire Mike Novogratz from Galaxy Digital as an advisor.