BeInCrypto – FTX has launched a strategic review of all its assets to see how they can be recovered and thus obtain maximum value for the benefit of its shareholders.
A press release published on November 19 by the bankrupt cryptocurrency exchange stated that the strategic review will be for FTX Trading Ltd, better known as FTX.com, and more than 100 of its affiliates.
Some FTX affiliates have solvent balance sheets
According to the press release, several authorized and regulated affiliates of FTX, both inside and outside the United States, such as LedgerX LLC and Embed Clearing LLC,They have “solvent budgets, responsible management, and valuable perks”.
This is good news because it allows the company to consider strategic sales and transactions and to recapitalize these subsidiaries.
John Ray III, CEO of FTX, said:
“I have directed the FTX Debtors team to prioritize preserving franchise value as best we can in these difficult circumstances.”
To proceed with the asset review, FTX has filed applications with the bankruptcy court. You are requesting a temporary relief that allows the operation of a global cash management system and It will allow the company to pay important suppliers.
The FTX hack sends down the price of Ethereum
Meanwhile, on-chain data shows that Global Asset Review could be a few million short as the FTX hack unloads its holdings.
FTX Accounts Drainer is dumping ETH! FTX Accounts Drainer transferred $50,000 in ETH ($60 million) to address 0x866e, exchanging $30,990 in ETH for $2,197.5 in rhinepetek.
— Lookonchain (@lookonchain) November 20, 2022
Lookonchain tweeted that the hacker moved 50,000 ETH to a new address and Exchange 30,990 ETH for 2,197.5 renBTC. Crypto-intelligence firm Arkham Intelligence confirmed the activity. The company tweeted that the hacker moved nearly $60 million in ETH to a new wallet.
After exchanging ETH for renBTC, the hacker pooled the tokens and exchanged them for the original. They will likely continue to do so until all of their ETH is effectively converted to BTC.
The hacker’s move to charge ETH hurts the price of ETH. CoinMarketCap data shows that ETH is down more than 3%, and if the sustained sell-off continues, it could drop further.
ETH price evolution in the last 24 hours. Source: CoinMarketCap
The FTX hacker stole $400 million worth of cryptocurrency from wallets connected to the exchange, and exchanged those assets for ETH. With 228,523 ETH, The hacker has become one of the largest holders of ETH.
Although Kraken claims to have discovered the identity of the hacker, it has not yet announced its disclosure. However, the cryptocurrency exchange said it worked with law enforcement authorities to that end.
After FTX Hackers Swap ETH for BTC: Ethereum Price Drops 3% for the First Time on BeInCrypto.
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