What assets are stored in the accounts of the FTX crypto exchange
Date: 2023-09-14 Author: Karina Ziganova Categories: BUSINESS
The bankrupt crypto exchange FTX has $3.4 million worth of crypto assets left, however, not all of them can be sold
According to CoinGecko analysts, FTX has the most tokens Solana (SOL). According to analysts, approximately 55.8 million SOL worth $1.162 billion remained in the accounts of the bankrupt exchange (at the exchange rate at the time of writing the review). Thus, FTX owns about 10% of all coins in circulation. The exchange is considered one of the largest holders of this token.
In second place is Bitcoin (BTC) - FTX owns about 20,500 BTC, which is equivalent to $560 million. However, this is only 00.1% of the total available BTC supply.
In third place is Ethereum (ETH). FTX has approximately 112,600 ETH in its accounts, worth $192 million, which is 0.09% of the ETH supply. In total, SOL, BTC and ETH together account for 56.3% ($1.9 billion) of all FTX reserves.
In addition, the exchange's assets include Aptos (APT), Tether (USDT), Ripple (XRP), BIT (BITDAO), Stargate Finance (STG), Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH), which together amount to 21 .8% of their assets. The remaining 21.9% of FTX's portfolio includes over 400 other tokens.
Messari believes that the FTX sales will hit Solana, Aptos and Tron the hardest.
Hard to reach SOL
FTX has a lot of assets in SOL, but most of them - 42.2 million tokens - have not yet been unlocked. According to the schedule, 618,400 SOL are unlocked every month. This is approximately 1.1% of the total SOL assets in FTX accounts.
At the same time, on March 1, 2025, there will be a mass unlocking of 7.5 million SOL, which will amount to a significant 13.5% of the total volume of SOL tokens owned by the crypto exchange.
FTX Changes Asset Liquidation Plan
Previously, FTX Trading Ltd. made changes to the asset liquidation plan, thereby circumventing the need for prior public notice. FTX's liquidation plan provides for the sale or transfer of certain digital assets.
It is expected that the company could sell up to $100 million worth of cryptocurrency each week during the liquidation. The decision to change the plan at the last minute is believed to be an attempt to mitigate the potential impact of such a large sell-off on the market.
