Home Press Release FTX takes control of NFTs worth over $4M

FTX takes control of NFTs worth over $4M

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Bankrupt cryptocurrency exchange FTX now manages several high-quality non-fungible tokens (NFTs), including Bored Ape, Azuki, Otherdeed, and Mutant Ape.

Coinbase Director Connor Grogan murmured It was noted that on April 26, Bored Apes’ NFTs belonging to the bankrupt company and several others were transferred to a multi-signature wallet. Grogan added that his Hape Prime NFT, which Alameda bought for his $100,000, also moved to the same wallet.

Dune analysis data indicates that the FTX Estate owns 32 BAYC, 7 Azuki, 29 Otherdeed, 81 Sandbox Land, 6 Hape Prime, 2 MAYC, and 12 Beans. I’m here.

Source: Dune Analytics

According to available information, FTX purchased most of these NFTs while working on the NFT Marketplace in 2021. At the time, he purchased 101 Bored Apes from Sotheby’s for $24.4 million. All his Apes were deposited with FTX US and listed at a price lower than the lowest OpenSea price to attract more users.

Some people have taken advantage of this price difference to get NFTs at a discounted price from the FTX platform.

What’s next for FTX’s NFTs?

With FTX bankruptcy experts consolidating all NFTs into one wallet, many believe the next step could be asset liquidation.

However, liquidation may affect the lowest prices for these collections. These collections have already fallen significantly.

21co Researcher Tom Wang I believe Rather than liquidate the assets directly, FTX may put them up for auction like the failed Three Arrows Capital. In February, 3AC liquidator Teneo announced that it would sell a portion of NFTs belonging to bankrupt cryptocurrency hedge funds.

Integration efforts continue

Meanwhile, FTX management continues to consolidate the bankrupt company’s assets belonging to the bankrupt company.

The company has agreed to sell LedgerX for $50 million and will also consider selling its European operations.

On top of that, speculation is growing that the exchange may consider resuming operations. However, its management has not determined whether such a reopening is viable.

An article about FTX controlling an NFT worth over $4 million first appeared on CryptoSlate.

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