FTX, a bankrupt crypto exchange, has recently moved $10 million worth of digital assets from the Solana network to Ethereum, raising concerns that it could be the beginning of a series of token dumps. According to blockchain analytics platform Arkham Intelligence, the FTX wallet has transferred $6.23 million worth of Ether and more than $4 million in altcoins, including $1.2 million of FTX Token, $1.8 million worth of Uniswap, $1.3 million of HXRO, $550,000 worth of SushiSwap and $260,000 worth of Frontier Token. On Aug. 24, FTX proposed a plan to appoint Mike Novogratz’s Galaxy Digital Capital Management as the investment manager charged with overseeing the sale and management of its recovered crypto holdings. The plan would limit the FTX estate to selling $100 million of the tokens per week, however, that limit could be raised to $200 million on an individual token basis. In addition to this plan, the exchange also filed a separate motion to hedge its larger holdings of Bitcoin and Ether. The case of FTX token sales is expected to come before the Delaware Bankruptcy Court on Sept. 13. FTX disclosed that it had recovered roughly $7.3 billion in liquid assets, with $4.8 billion of that sum being comprised of assets recovered as of November 2022. According to documents raised in the hearing, FTX held a total of $4.3 billion in crypto assets available for stakeholder recovery at market prices as of April 12. The current reorganization plan for FTX includes a potential reboot of the cryptocurrency exchange, with FTX CEO John Ray III saying that the company had “begun the process of soliciting interested parties to the reboot of the FTX.com exchange.” The launch of the new exchange is expected to be completed sometime in the second quarter of 2024.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	John Ray III, Mike Novogratz
Companies	FTX, Mike Novogratz, Delaware Bankruptcy Court, Galaxy Digital Capital Management, Arkham Intelligence
Currencies	Suiswap, HXRO, Uniswap, FintruX, Lido Staked Ether
Securities	None