Just In: Tron Founder Justin Sun to Bid for FTX's Holding Tokens

FTX Owns Large Solana Holdings

According to Sun, he is contemplating the offer as a way of reducing the selling impact of the holdings on the broader crypto ecosystem.

advertisement

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Crypto Telegram Channels List 2023 [UPDATED]
Must Read
ethereum price crypto news
Best Crypto Exchanges and Apps September 2023
Must Read
ethereum price crypto news
Top Meme Coins to Buy Now: What You Need to Know
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

A recent court filing which was prepared for a creditors meeting shows that the beleaguered exchange’s assets are almost $7 billion. These comprise a $3.4 billion crypto portfolio which includes roughly $1.2 billion in Solana (SOL) tokens. These SOL tokens turned out to be FTX’s largest crypto holding and many crypto community members have been wondering what would become of the digital asset in the case of a broad selloff.

Furthermore, the filing highlighted that the crypto firm holds an additional $560 million in Bitcoin (BTC) and $192 million in Ethereum (ETH).

Former FTX Executives Owns Massive Real Estate Assets

In addition, FTX owns 38 properties in the Bahamas which were all appraised at $199 million. Noteworthy, the crypto firm was based in the Bahamas before it imploded almost a year ago at which time it was only starting to get incorporated in Antigua and Barbuda.

Markedly, 15 of these properties in the Bahamas goes by the name Albany Marina Residences and they are worth $151 million and $34 million across 5 other properties.

Besides these real estate assets, it was revealed that 46 FTX executives including Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison received cash, crypto, equity and real estate valued at around $2.2 billion.

The filing equally shows that since last year when the exchange filed for bankruptcy protection as well as the liquidation of its assets, almost $2.6 billion in cash has been secured. Though the financial transactions of FTX were its major bane, Justin Sun is also not free from complications

The financial transactions that beclouded the Sun’s takeover of Huobi Exchange has remained controversial to date. Whether or not he has the financial basis to finance the potential FTX holding bids he’s mulling is one thing, securing regulatory permission is what the industry now has to keenly watch out for.

Comments

Post a Comment

Popular posts from this blog

Gryphon Digital seeks court dismissal of Sphere 3D's lawsuit

Image
Gryphon Digital is requesting dismissal from a suit filed by its former partner Sphere 3D over a scam-related Bitcoin transfer. According to Gryphon, the incident was caused by Sphere's security failures. Crypto miner Gryphon Digital is seeking dismissal from a lawsuit brought by its former partner Sphere 3D over a spoofing attack that resulted in 26 Bitcoins (BTC) being transferred to a fraudulent address. According to the initial complaint filed by Sphere 3D in April, Gryphon CEO Rob Chang allegedly wired 18 BTC in January to a fraudster posing as Sphere 3D’s chief financial officer through a spoofing attack. Within a few days, eight more Bitcoins were sent to the same address, resulting in a total loss of over $500,000 at the time. Gryphon claims, however, to be a victim of Sphere's "gross negligence" that allowed a malicious actor to access Sphere’s computer system, send spoof emails from its domain, and cause Gryphon to send cryptocurrency intended for Spher
Read more

SBF U-Turns on Extradition to US

Image
Join Our Telegram channel to stay up to date on breaking news coverage The tale of FTX’s collapse is something that has been making headlines for a while now, and crypto enthusiasts have been following the case religiously. But some recent developments seem to have been catching the eyes of not just the crypto community, but the entire financial industry as to how the government deals with money swindlers like SBF. The latest report by Reuters stated that SBF has decided to reconsider his plans to contest his potential extradition to the US. There has been a lot of confusion regarding how the court proceedings would ensue for a high-profile case like SBF’s. However, things are starting to get more transparent, thanks to a surging interest in the outcome. Investors who lost their funds have been livid too, which is evident across all social media platforms. The market has lost a great deal of value since the scam came to light, and is only starting to stabilize again to an exten
Read more

Shiba Inu (SHIB) Large Transactions Surge 300% to Reach $178M

Image
In what is a rather surprising development for the meme coin, Shiba Inu (SHIB) has seen its large transactions increase by 300% to reach a total of $178 million over the last 24 hours. Indeed, the mystery large where revealed by IntoTheBlock. Specifically, 20.2 Trillion SHIB were transferred, preceding the massive increase. Ultimately, the surge in large transactions skyrocketed to the aforementioned $178.38 million. Moreover, that figure is the highest that the Shiba Inu ecosystem has observed over the last eight months. Now, the most important question regards what that could mean for the asset’s price. Also Read: Shiba Inu: When Will SHIB The Metaverse Release? Shiba Inu (SHIB) Whales Lead 300% Price Surve There is little argument to be made about the popularity of one of the most prominent meme coins on the market. Indeed, Shiba Inu stands as one of the industry’s most important popular assets. However, like the rest of the industry, 2024 has not had it off to the best
Read more