The Crypto Roundup: 30 November 2023 | CryptoCompare.com

A Delaware bankruptcy court has approved the sale of about $873 million worth of trust assets owned by FTX, a crypto exchange that collapsed in 2022. The sale will help repay the creditors who suffered losses from the exchange’s downfall.

The $873 million figure will come from assets FTX holds, including shares in Grayscale Investments’ trusts, valued at $807 million, and with Bitwise, a custody service provider with a value of $66 million.

The court document used the valuation date of Oct. 25, 2023, which showed a total of $744 million in assets, however, the assets have appreciated since then. The approval comes nearly a month after FTX debtors filed a motion to Judge John Dorsey requesting the sale of these assets.

FTX holds over 22 million units of Grayscale’s Bitcoin Trust (GBTC) valued at around $691 million, as well as 6.3 million shares of its Ether trust, ETHE, valued at around $106 million. The exchange may also liquidate assets from Grayscale’s Trusts offering exposure to Ethereum Classic, Litecoin, and large-cap tokens.

After the exchange collapsed, John. J Ray III and his team of administrators have been trying to recover the assets that were taken from the customers and managed to recover around $7 billion, with the total amount of customer assets misappropriated estimated to be at $8.7 billion.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/nov/30/