Breaking News FTX Exchange hold 98% of illiquidity FTT token
FTX exchanges share their holding address on Twitter; the total assets held by the exchange at the time of writing are around $167 million, and FTX owns 98% of the illiquid FTT token.
The FTX address shows only 2 crypto assets: FTT and ETH, totalling $167 million assets, of which FTT has 165 million and ETH has just 2.3 million.
The exchange stated on Twitter “In connection with our recent press release on the Bahamas Crypto Seizure, the etherscan blockchain activity confirming their holdings can be found here:”
According to Coinmarketcap, the total FTX token market cap is around $278 million, which means that the FTX holds 60% of its token holdings, indicating that this asset is completely illiquid.
Twitter User indicates some interesting facts “The $3b is actually only $2m after you no longer count $FTT And even if you did count FTT it’s dropped so much that $3B is now $0.1B mark to market (which no one would buy)”
In previous On November 12, 2022, after the FTX Debtors’ chapter 11 cases started, their cryptocurrency was moved without their permission. This included about 195 million FTT, 1,938 ETH, and other coins that didn’t have much value. Information from the blockchain shows that this cryptocurrency is currently in a single digital wallet at Fireblocks.
FTX Debtors were instructed by the Bahamas Commission to transfer digital assets to a Fireblocks wallet. The value of the FTT at the time of transfer was approximately $296 million. There can be no assurances such a large amount of FTT could be sold at spot prices, or at all.
You can find out more about the FTX Debtors’ chapter 11 cases at https://cases.ra.kroll.com/FTX/.