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The new management of bankrupt exchange FTX has identified $5.5 billion in assets that can be used to repay creditors, raising fears that a large chunk of crypto assets will be dumped in the markets.

On January 17, debtors of FTX identified $3.5 billion in crypto assets with $1.6 billion associated with the bankrupt exchange. The most well-known holdings are Solana FTT’s SOL and FTX exchange tokens, as well as liquid assets such as XRP, DOGE, Aptos (APT), Polygon (MATIC), TON and BitDAO (BIT).

The liquidators valued the tokens at the time of the bankruptcy petition. Adam Cochran, partner of Cinneamhain Ventures, commented:

“So the liquidators were counting the token prices on the day of filing and considered FTT’s $529 million to be ‘liquid’ in that calculation, along with Solana’s $685 million which would crush the SOL market.”

He added that these were the only “liquid” tokens they counted, adding that “everything else is going to drive the price down if you sell it.”

A list of illiquid crypto tokens has also been identified, raising fears that they may be sold off, causing prices to plummet.

On January 18, Fortune reporter Leo Schwartz also released the FTX report, pointing out that the list of “illiquid tokens” includes nearly 10 billion Serum (SRM), LUNA, and Solana versions of BTC and ETH.

But many were obscure project tokens such as TRUMPLOSE, BEAR, and MEDIA.

He pointed to TRUMPLOSE as an “easter egg” that is tied to FTX and Alameda supporting Democratic politicians with large donations. TRUMPLOSE is a prediction token used by FTX during the US presidential election. Traders could buy TRUMPWIN or TRUMPLOSE tokens which would resolve to $1 if Trump won or lost. FTX owns nearly 14 million.

BEAR Coin is a cryptocurrency designed to help animals through decentralized fundraising in cooperation with NGOs and animal lovers. They are 190 billion on the balance sheet of FTX.

It also has 8.3 million tokens from the bandwidth-sharing network, Media. The list continues with 9.8 billion MAPS tokens from the travel app and nearly 10 billion OXY tokens for Solana-based DeFi broker Oxygen.

Related: FTX Recovered Over $5 Billion in Cash and Crypto Liquid: Report

Other illiquid assets include 2.4 billion in Alium Finance (ALM) and more than 277 million in Bonafida (FIDA), a Solana development platform. The list also included holdings BRZ, GT, LIKE, HRXO, MSOL, JSOL, XSUSHI, AELPH and JET.

SBF is still blogging

On January 18, FTX founder Sam Bankman-Fried reappeared with a new blog post claiming that the FTX report’s information on the state of the company was “extremely misleading”.

“FTX US was solvent when handed over to S&C [Sullivan & Cromwell]and almost certainly remains solvent today,” he said.