FTX Requests Permission To Sell Crypto Assets Worth IDR 11.6 Trillion

FTX crypto exchange submitted a request to sell crypto assets. (Photo; Doc. Chainbulletin)

JAKARTA Shocking news came from FTX regarding their crypto asset sales plan. The crypto exchange that has filed for bankruptcy is reportedly seeking permission from the judge to sell assets worth US$74 million or equivalent to Rp11.6 trillion.

This request underscores the efforts of debtors and FTX to protect their asset value and maximize refunds to creditors. The FTX request includes the sale of crypto assets in Grayscale and Bitwise held by the company through investment advisors.

This is a step taken to secure the company's assets and ensure that their value is maintained. In filing to the court, FTX stated that this process is not much different from the debtor's request to disburse their assets.

Similar to the previous request of the debtor to monetize digital assets, the debtor asked for court authorization to monetize the trust asset to protect the debtor from the potential drop in the price of the trust asset, maximize the value of the debtor's assets, and allow distribution in the form of dollars to come to creditors, "wrote the statement in the FTX filing document, quoted from DailyHodl.

The Trust assets in question include ownership of five different Grayscale Trusts worth US$691 million (Rp10.7 trillion) on October 25, as well as Bitwise-run guardianship ownership of US$53 million (Rp828 billion). Trust is a way for individuals and companies to invest in crypto assets without having to actually own these assets.

FTX filed for bankruptcy in November 2022 after the exchange CEO, Sam Bankman-Fried, was faced with allegations of abusing it in managing company funds.

Last week, Sam Bankman-Fried was found guilty of billions of dollars in fraud against customers and investors at FTX and trading firm Alameda Research. The sentence against SBF is expected to be decided early next year. Bankman-Fried is likely to face a total sentence of 115 years in prison.