Serrari Group

In a significant development, the bankrupt cryptocurrency exchange FTX has received the go-ahead to liquidate approximately $873 million in trust assets. The decision, disclosed in a filing to the Delaware bankruptcy court on November 29, paves the way for the proceeds to be utilized in repaying creditors who suffered losses during the collapse of the exchange in 2022.

The bulk of the assets, totaling $807 million, will be derived from FTX’s holdings in various trusts issued by Grayscale Investments, a leading crypto asset manager. Additionally, FTX’s stakes in the custody service provider Bitwise, valued at $66 million, contribute to the overall asset pool.

It’s worth noting that the court document refers to a total of $744 million in assets, as of October 25, 2023. This figure, however, has seen an increase since then, reflecting the dynamic nature of cryptocurrency valuations.

The approval follows a motion filed by FTX debtors nearly four weeks ago on November 3. The motion, presented to Judge John Dorsey, sought permission for the sale of six cryptocurrency trusts, including notable entities such as the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund (BITW).

FTX’s ownership of over 22 million units of GBTC, valued at $691 million, and 6.3 million shares of ETHE, valued at around $106 million, positions the exchange to leverage the appreciating value of these assets.

The three additional trusts that FTX is now authorized to sell include Grayscale’s Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN), and Digital Large Cap Trust (GDLC). These sales are earmarked to recover funds for FTX customers adversely affected by the exchange’s downfall.

FTX’s administrators, led by John J. Ray III, have been diligently working on asset recovery since the collapse of Sam Bankman-Fried’s crypto empire in November 2022. To date, approximately $7 billion in assets has been recovered, with nearly half of that amount coming in the form of various cryptocurrencies, totaling $3.4 billion.

In June, FTX’s debtors estimated that the total amount of misappropriated customer assets stood at $8.7 billion. Meanwhile, Sam Bankman-Fried, facing seven fraud-related charges, was convicted on November 2. He is slated for sentencing on March 28 and is currently housed in Brooklyn’s Metropolitan Detention Center. Notably, he recently exchanged four mackerels for a haircut within the confines of the detention center.

Photo ( CNN)
29th November, 2023
Delino Gayweh
Serrari Financial Analyst

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023