COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Galaxy Digital Seeks Authorization to Manage Recovered Crypto Assets from FTX
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Cryptocurrency Law > Galaxy Digital Seeks Authorization to Manage Recovered Crypto Assets from FTX
Cryptocurrency Law

Galaxy Digital Seeks Authorization to Manage Recovered Crypto Assets from FTX

In Brief

  • Galaxy Digital filed a petition to the Delaware Bankruptcy Court on August 24, seeking authorization and approval for the sale of recovered digital assets during ongoing bankruptcy proceedings. The application outlines FTX’s requests and summarizes the transfer plans for approximately $7 billion worth of crypto assets that were salvaged under the management of Galaxy Digital […]
COINTURK NEWS
COINTURK NEWS 2 years ago
Share
SHARE

Galaxy Digital filed a petition to the Delaware Bankruptcy Court on August 24, seeking authorization and approval for the sale of recovered digital assets during ongoing bankruptcy proceedings. The application outlines FTX’s requests and summarizes the transfer plans for approximately $7 billion worth of crypto assets that were salvaged under the management of Galaxy Digital following the exchange’s collapse in 2022.

Contents
File Details RevealedEvaluation of Crypto Assets

File Details Revealed

As stated in FTX’s preliminary statement, the aim is to facilitate the potential sale of crypto assets through Galaxy Digital. The filing emphasizes the intention to minimize exposure to volatility for cryptocurrency assets and reduce potential fiat repayments to creditors through a “comprehensive management and profit-making plan.”

FTX aims to retain Galaxy Digital as a registered investment advisor and leverage their “expertise in digital asset markets” to help maximize the value of the company’s crypto asset portfolio. The company highlighted a range of potential benefits from the partnership, including the ability to sell assets anonymously in the markets and reduce the risk of market manipulation.

FTX states that, in addition to selling various digital assets owned by Galaxy Digital in the future, it will be responsible for hedging Bitcoin and Ethereum before any potential sales. The company plans to utilize spot markets for Bitcoin and Ethereum to mitigate exposure to unexpected price fluctuations while attempting to sell crypto assets for fiat.

Evaluation of Crypto Assets

FTX mentions that under the guidance of Galaxy Digital, it plans to stake specific cryptocurrencies to generate passive income, offering a nod to Decentralized Finance (DeFi):

“Debtors argue that staking certain digital assets according to the staking method would provide low-risk returns from otherwise idle digital assets, benefiting the creditors.”

Galaxy Digital, the digital asset management company led by Mike Novogratz, appears ready to manage the remaining crypto assets of bankrupt cryptocurrency exchange FTX.

While bankruptcy proceedings continue, FTX recently proposed a restructuring plan that indicates the creation of a restarted offshore exchange. This plan could offer creditors the option to receive partial repayment of lost funds or participate in the restart of FTX through equity, tokens, and other benefits.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

The Supreme Court Secures Fed Independence against Presidential Influence

New Bill Restricts Crypto Activities of U.S. Officials

U.S. CFTC Commissioner Pushes for Approval of Crypto Perpetual Futures

SEC Accuses Unicoin of Fraud in $100 Million Crypto Scam

Cryptocurrency Sparks Ethical Debates with Political Ties

COINTURK NEWS 24 August, 2023 - 7:15 pm 24 August, 2023 - 7:15 pm
Share This Article
Facebook Twitter
Share
Previous Article The Rise of Multi-Chain Ecosystems in the Crypto Market
Next Article Binance Stops Crypto Card Services in Latin America and the Middle East
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Coinbase Takes Bold Stand Against Hackers in Massive Data Breach
Coinbase
The Supreme Court Secures Fed Independence against Presidential Influence
Cryptocurrency Law
Ethereum Hits New Heights with Impressive Price Surge
Ethereum (ETH)
XRP Holds Its Ground as Key Resistance Levels Await
Ripple (XRP)
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?