US court approves FTX's request to sell crypto assets

In the US, a court has approved the liquidation of cryptocurrency assets of the bankrupt cryptocurrency exchange FTX. In a hearing held in Wilmington, Delaware, US Bankruptcy Court Judge John Dorsey approved FTX’s request to sell its crypto assets. This allowed FTX to sell up to $100 million worth of cryptocurrencies per week. Dorsey rejected claims that FTX’s sales could cause the value of cryptocurrencies to decrease and that FTX may not have all of the cryptocurrencies it holds in its accounts. FTX had previously disclosed in its court filings that it had $3.4 billion in cryptocurrency assets, including $1.16 billion in Solana, $560 million in Bitcoin, and $192 million in Ethereum. Cryptocurrency exchange FTX filed for bankruptcy in November of last year. In a hearing held in April regarding the bankruptcy process, FTX’s lawyers reported that the company had recovered over $7.3 billion in cash and liquid crypto assets.