FTX files motion for Galaxy Digital to manage recovered crypto holdings
Galaxy Digital set to manage the sale of bankrupt FTX’s crypto holdings and facilitate staking of certain tokens to generate passive yield. The company filed a motion with the District of Delaware Bankruptcy Court on Aug. 24 seeking authorization and approval of guidelines for the sale of digital assets recovered during ongoing bankruptcy proceedings. The filing outlines FTX’s requests and plans to transfer some $7 billion worth of recovered cryptocurrency tokens under the management of Galaxy Digital following the collapse of the exchange in 2022. Related: FTX releases restructuring plan, hints at rebooted offshore exchange FTX intends to provision for the potential sale of its crypto currency holdings and stake tokens through Galaxy Digital as set out in its preliminary statement. The filing notes a “comprehensive manage ment and monetization plan” for its crypto currency holdings that intends to reduce exposure to volatility and potential fiat repayments to creditors. FTX inten...