Significantly, the Wormhole Bridge facilitated the transfer of all these assets to another FTX wallet.
The Solana address 6b4aypBhH337qSzzkbeoHWzTLt4DjG2aG8GkrrTQJfQA, which is marked as an FTX cold wallet, is transferring funds. Tokens such as LINK, SUSHI, LUNA, and YFI on the Solana are transferred to the Ethereum through bridges such as Wormhole. The transfer has been since…FTX’s bankruptcy situation has seen significant developments in recent months.
Under this plan, FTX initially had permission to sell tokens worth up to $100 million per week. However, there was an option to raise this limit to $200 million for individual tokens. The purpose of these limits was to minimize the impact of token sales while ensuring FTX could satisfy its creditors.Bitcoin[BTC]Although these propositions were not legally binding at the time, the Delaware Bankruptcy Court scheduled a review of the token sales case on 13 September.
The bankrupt exchange held a total of $4.3 billion in crypto assets available for stakeholder recovery at market prices as of 12 April. This wasAs part of the current reorganization plan for FTX, there is a potential reboot of the cryptocurrency exchange. Its CEO John Ray III confirmed that the company had initiated the process of engaging interested parties for the relaunch of the FTX.com exchange.
The exchange’s legal team anticipates that the launch of this new exchange will be sometime in the second quarter of 2024.