FTX Exchange Liquidation Could Recover $5B in Crypto & Cash

• FTX exchange, Alameda Research, and Sam Bankman-Fried have been going through bankruptcy proceedings.
• The latest development is the sale of Alameda Research’s interest in Sequoia Capital to N Abu Dhabi sovereign wealth fund.
• A recent court document revealed the agreement between the parties and FTX might be able to recover more than $5 billion in liquid crypto assets and cash.

FTX Exchange Bankruptcy Proceedings

The saga of the FTX exchange, its sister company Alameda Research, and former CEO Sam Bankman-Fried continue following the bankruptcy proceedings. So far, There have been many discoveries, rejected pleas, and sales of assets by these parties.

Alameda Research’s Sale Of Interest In Sequoia Capital

The latest development is selling Alameda Research’s interest in Sequoia Capital to N Abu Dhabi sovereign wealth fund. A recent court document by the US Bankruptcy Court for the District of Delaware revealed the agreement between the parties. One of the reasons for agreeing to the sale was the speed at which the Purchaser would execute the Sale Transaction. Also, Al Nawwar Investments RSC’s offer was superior to the four other prospective buyers, making it the best option for Alameda Research.

Essential Details Of Deal

Total Crypto market cap surges above $900 billion l Source: Tradingview.com Notably,the Purchaser Al Nawwar Investments RSC is a company underthe Abu Dhabi government and already owns some shares of Sequoia . Its deal with Alameda Research is worth $45 million and might be close bythe end of March ifthe Delaware bankruptcy judge John Dorsey approves it . The judge had always participatedinfthe FTX legal proceedingsand even allowedit to sell someofits assets after filingforbankruptcy .

FTX Attempting To Raise Funds For Creditors

Afterthesaleof theseassets ,FTX could recovermorethan$5 billioninliquidcryptoassetsand cash .Also ,onMarch 8 ,the judgeapproveda$445millionclaimbyAlamedanResearchonVoyagerDigital regardingloanrepayments .AlamedanResearch’srecentagreementtosellitsSequoiainteres ttotheAbuDhabigovernmentisanotherattemptbyFTXToraiseenoughfundstopayitscreditors .

Recent Developments On FTX Bankruptcy Case

Beforenow ,FTXfounderSBFhadmadenotableattemptstoraisecashafterBinancestoppedprocessestobuytheexchange .OnNovember15 ,2022 ,ReutersreportedthatSBFandsomeemployeesofFT Xusedweekendtoinvestintwocoins :Tether(USDT )andaEther(ETH ).ThiswasdoneasapartoftheefforttocontinuegeneratingcashforFT Xtocoverdebts .

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