A series of transfers from an official FTX wallet adding up to more than $10 million in Ethereum and other altcoins has raised concerns of a potential sell-off ahead of the exchange’s bankruptcy hearing on Sept. 13.
’s Galaxy Digital Capital Management as the investment manager charged with overseeing the sale and management of its recovered crypto holdings.
According to the plan, the FTX estate would only be permitted to sell $100 million of the tokens per week, however, that limit could be raised to $200 million on an individual token basis. These limits are intended to minimize the impact of token sales while simultaneously allowing FTX to make creditors whole.
In addition to this plan, the exchange also filed a separate motion to hedge its larger holdings of Bitcoin and Ether. While the propositions set forward in the filings are not yet legally binding, the case of FTX token sales is expected to come before the Delaware Bankruptcy Court on Sept. 13.
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