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In 2021, many cryptocurrencies that have since been forgotten or lost interest were seen as assets with massive long-term growth potential. A lot of altcoins have become history, and we have experienced this repeatedly in the past. Even FTX, which was the second-largest exchange by trading volume at the time, is gone today.
Latest on FTX Bankruptcy
John Ray, the head of the FTX Bankruptcy Committee, has applied to sell another asset. Digital Custody Inc was purchased by FTX for a total of 10 million dollars in December 2021 and August 2022. However, this company is now to be sold to CoinList for just 500 thousand dollars, which is 95% below the total cost, by the bankruptcy committee.
In the application made by FTX’s lawyers, details about the purpose of the DCI acquisition are included. FTX, managed by SBF, had acquired this brand for 10 million dollars for custody services for LedgerX. However, no steps were taken in this regard, even almost a year after the initial investment, until the bankruptcy in November 2022.
DCI has a license from the South Dakota Banking Division that allows it to offer custody services, and we have often seen similar sales because of such license rights.
The Realities of Cryptocurrencies
Investors should not forget collapses like FTX and Terra, especially during the expected rapid rise period in 2024-2025. FTX, once the world’s second-largest exchange by volume, is now bankrupt, and creditors are waiting for the day they can recover their money. On the other hand, it has also been announced that the exchange will not be restarted.
So how much do investors care about these realities? Looking at the FTT Token price, which is approaching 2 dollars and has increased by 23 percent in the last 24 hours as of the time this article was written, it seems that some do not care at all. They are buying and selling the token of an exchange that has gone bankrupt and will not be restarted for speculative trade.
Moreover, there was a strong belief among experts that even if the exchange were to reopen, the FTT Token would be of no use. On the other hand, despite being accused of terrible things like fraud and theft, Terra’s managers are still managing to attract strong trading volumes with LUNA Coin.
At some point, when we see both going to zero, who can say they didn’t expect this to happen?
