FTX receives court approval to liquidate crypto assets

<p>Earlier this week, the fall in the price of bitcoin was tied back to bankruptcy disclosures from FTX showing that it had nearly $7 billion worth of assets, including about $560 million in bitcoin.</p><p>Today the court approved the liquidation of holdings. The dollar value in bitcoin isn't particularly troublesome for the market but there is $1.1 billion in solana and if that's not handled carefully, it could be ugly. It's about 16% of the overall supply.</p><p>In its liquidation proposal, FTX would not have to issue advance notice of sales, though would have to alert the trustee privately.</p><p>It's unclear how much creditors of FTX will recover but the lawyers are surely having a heyday. Its total assets, including $200m in real estate are valued at $2.2 billion.</p><p>Sam Bankman-Fried's trial is set to begin October 3.</p>

This article was written by Adam Button at www.forexlive.com.