FTX wants permission to sell $3.4 billion in crypto assets, including a big chunk of Solana (SOL) tokens. They're also tangled in a lawsuit with LayerZero over $21 million in lost assets. The Delaware Bankruptcy Court will decide today, September 13, 2023. FTX plans to sell tokens, starting with $100 million a week, possibly going up to $200 million for each type. FTX owns $1.16 billion in SOL tokens, a big part of their $3.4 billion crypto stash.
Source:
https://decrypt.co/155844/ftx-looks-to-offload-billions-in-crypto-heres-what-it-meansCould this possibly have a major impact on the crypto market? I personally don't think so because of the $100-$200M selling limit per week. Also, FTX's Solana exposure is vested, meaning they won't be able to access those tokens until 2028. But, as we all know, anything is possible in crypto! Let's see how the market reacts.
Things like this are surely not going to increase the brand reputation that's already in the toilet, so imagine the reasoning behind FTX2.0 and why people would want to even revive that. Only reason i can figure out is just company money grab. Dumping SOL not only angries the earlier sol supporters but EVERY altcoin holder out there, as this impacts the whole markets.