TL;DR

• The new managers of FTX have recently recovered $7 Billion USD in total assets according to a court filing dated Sept 11.

• The good news? In total, 36k customers have filed a claim, for a total of $16B, which the company now owes. $7B won’t reimburse everyone, but it’s a solid start.

• The bad news? From the $7B recovered, $3.4B are crypto assets, and FTX is now looking to sell it all - and all of that selling could drag a lot of the crypto market down.

Full Story

This has big “you can’t have your cake, and eat it too” vibes…

The new managers of FTX have recently recovered $7 Billion USD in total assets according to a court filing dated Sept 11.

The good news? In total, 36k customers have filed a claim, for a total of $16B, which the company now owes. $7B won’t reimburse everyone, but it’s a solid start.

The bad news? From the $7B recovered, $3.4B are crypto assets, and FTX is now looking to sell it all - and all of that selling could drag a lot of the crypto market down.

But it’s not set in stone just yet, and there are two things to keep in mind:

1. FTX needs to wait for approval from the Delaware Bankruptcy Court before it can start selling (that decision will be made later today).

2. Even if it does get approved, the $1.16 billion in Solana and $137 million in Aptos that the company is trying to sell are largely composed of vesting tokens - meaning they’re locked up.
   
   So whoever buys them will essentially be buying the right to sell them as they’re slowly unlocked in $9.2M chunks, month by month.

So...

Cake? Yes: FTX might finally be able to reimburse the users it scammed.

Eating said cake? No: by selling these assets to pay back users, FTX could drag down the market cap of whichever tokens they own.