FTX Granted Permission to Sell $3.4 Billion in Crypto Assets; Tron's Justin Sun and DWF Labs Eyeing Asset Purchase

The court ruling allows the sale of FTX's digital assets, and key figures in the cryptocurrency field, including Justin Sun of Tron and Andrei Grachev of DWF Labs, are considering the proposal.

This article delves deep into the details of the assets and the intricate plans for their sale, offering a comprehensive look into a case that could shake the very foundations of the crypto world.

Bankrupt Crypto Exchange FTX Gets Green Light for Massive Asset Liquidation

Bankrupt cryptocurrency exchange FTX has received a court ruling from Judge John Dorsey, authorizing the sale of virtual assets worth more than $3.4 billion.

Furthermore, Justin Sun, the founder of Tron, announced via social media that he is considering making an offer for FTX's assets.

Detailed Overview of FTX's $3.4 Billion in Digital Assets

According to Coindesk reports, FTX has been granted permission to sell digital assets valued at $3.4 billion. Judge John Dorsey approved this motion and dismissed two objections.

FTX's holdings consist of $1.16 billion in SOL, $560 million in BTC, $192 million in ETH, $137 million in APT, $120 million in USDT, $119 million in XRP, $49 million in BIT, $46 million in STG, $41 million in WBTC, and $37 million in WETH.

These assets are managed by Bitgo, and there is ongoing debate as to whether they should be sold directly in public markets.

Company’s Actions to Return Tokens to Original Blockchains

Last week, FTX announced via social media that they are actively transferring tokens back to their original blockchains. The company stated, "FTX is actively moving tokens from various blockchains back to their native blockchains.

Moreover, tokens such as SOL are being moved from existing wallets to Bitgo, FTX’s approved custodian."

Interest in Asset Purchase from OTC and Public Investors

There have been talks about selling coins via over-the-counter (OTC) deals, but there are also parties interested in buying publicly. Andrei Grachev, the head of DWF Labs, explained that they are considering purchasing the assets.

"DWF Labs is considering purchasing FTX’s assets to provide creditors with the best execution price, and to alleviate the massive selling pressure that could potentially revert the market back to its 2020 capitalization levels," he wrote.

Justin Sun also mentioned that he is contemplating an offer.

"I am considering making an offer for the tokens and assets that FTX holds to mitigate the impact of the sale on the cryptocurrency community," Sun posted on social media platform X. "Let's unite to strengthen our cryptocurrency ecosystem," he added.