US Bankruptcy Court Authorizes FTX to Sell Its Cryptocurrencies

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US Bankruptcy Court Authorizes FTX to Sell Its Cryptocurrencies
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The US Bankruptcy Court has granted FTX permission to sell its cryptocurrency holdings. This and more news is in this handy daily digest so you're always up to date with the latest events happening within the crypto world.

FTX can sell its cryptocurrencies

📍‌The U.S. Bankruptcy Court for the District of Delaware has authorized FTX to sell its cryptocurrency holdings. Bankruptcy Judge John Dorsey has approved the failed exchange FTX's request for permission in August to dispose of its cryptocurrency holdings in order to cover part of the obligations it owes to the company's creditors. Judge Dorsey's order authorizes FTX to sell and invest its cryptocurrencies, which are valued at about $3.400 billion. 

Nearly 35% of FTX’s crypto holdings are held in SOL, the native cryptocurrency of the Solana network. The company reportedly holds $1.160 billion worth of SOL. The rest of its crypto holdings are spread across BTC, ETH, APT, XRP, USDT, and more. 

Source: X – @WuBlockchain

Tron founder Justin Sun took to the X platform (formerly Twitter) to express his interest in FTX's cryptocurrency holdings. Sun plans to bid for the exchange's assets to mitigate the impact that the sale of these cryptocurrencies could have on the market, Indian

Likewise, Web3 investment firm DWF Labs also plans to make an offer to buy FTX's assets. Andrei Grachev, CEO of DWF Labs, said This possibility is being considered to mitigate the risk of aggressive selling pressure in the market that could return the market capitalization of cryptocurrencies to what it was in 2020.

Intelligence firm Messari published a report earlier this week in which he talks about the impact of FTX liquidations on the crypto market. Regarding Solana, he indicated that the exchange could sell only $9,2 million worth of SOL per month, which significantly reduces the impact of the liquidation on the price of this cryptocurrency.

DCG and Genesis reach an agreement

📍‌Cryptocurrency conglomerate Digital Currency Group has announced a settlement with Genesis and the Unsecured Creditors Committee. The agreement, reached late last month, will provide a recovery of 70-90% for all unsecured creditors, the company said in a statement. 

With this agreement, DCG emphasizes that its objective is the recovery of funds and the resolution of the lawsuit that Genesis Global Capital has filed against the company for overdue loans amounting to more than $600 million dollars. 

MetaMask becomes a modular wallet

📍‌In the context of MetaMask Snaps, MetaMask developers announced that the browser extension wallet is now a modular wallet. Snaps is a new development that allows you to integrate additional features into MetaMask to optimize the Web3 experience. 

Source: X – @MetaMask

MetaMask developers explained that through Snaps it is now possible to add new functionalities to the wallet, including support for other blockchains that are not compatible with the Ethereum Virtual Machine (EVM). Thanks to this new development, Bitcoin, the world's first successful cryptocurrency, and others such as Dogecoin and Cosmos, can be natively integrated into the browser extension wallet. 

Law against digital dollar is presented

📍‌Congressman Tom Emmer has introduced a bill that seeks to ban the issuance of a digital dollar. According to the draft presented by Congressman Emmer, the digital dollar could be used by the government as a surveillance tool against citizens, threatening financial freedom and privacy and the lifestyle and security of Americans. 

During his speech, Congressman Emmer stated that if the creation of a CBDC for the dollar does not meet the characteristics of cash, being open, permissionless and private, then it should not be issued. 

Source: X – @GOPMajorityWhip

Continue reading: Franklin Templeton joins asset managers seeking a Bitcoin spot ETF in the US

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