Wow! Court Allows FTX To Sell Crypto Assets Worth IDR 52.2 Trillion

JAKARTA - The Delaware Bankruptcy Court (Delaware Court) has given FTX approval to sell $3.4 billion worth of crypto assets or equivalent to IDR 52.2 trillion.

By selling their assets, FTX is claimed to be able to pay off debts to its creditors. This is a major development after FTX announced that it has more than 16% or $1.16 billion (Rp17.8 trillion) of the supply of Solana tokens (SOLs) in circulation.

Judge John Dorsey, who presided over the court hearing, has approved the planned sale of this crypto asset and rejected the objections raised. Dorsey stressed the importance of running this process quickly, and he hopes that the process can start soon.

Previously, FTX had requested permission to protect their crypto assets with the aim of reducing the impact of losses before selling their Bitcoin and Ether. FTX lawyers stated that this move would provide benefits to its creditors by resulting in a safer return to their crypto assets.

Although FTX has been granted permission to sell their digital assets, in addition to Bitcoin, Ether, and tokens affiliated with certain individuals. Other tokens can be sold in stages with an initial selling limit of $50 million (Rp767 billion). This limit can be increased to $100 million (Rp 1.5 trillion) in the following weeks provided that there is approval from the creditor or court committee.

Meanwhile, for affiliated Bitcoin, Ether, and token crypto assets, FTX can sell them separately after giving a 10-day notification to the committee and representatives of the United States courts. These sales will also be made in secret after consulting with investment advisors. At the same time, this announcement could put selling pressure on the crypto market.