FTX’s administrators have recovered about $7 billion in assets, including $3.4 billion of crypto. A court hearing is due on Wednesday to consider a plan to begin sales of tokens to help repay creditors, according to recent filings.
A gauge of the largest 100 tokens slid almost 3% on Monday before rising by about the same magnitude on Tuesday. Bitcoin posted a similar performance and was trading at about $25,870 as of 12:32 p.m. in Singapore. The market is “apprehensive about the upcoming FTX creditor liquidation,” Markus Thielen, head of research at Matrixport, wrote in a note.
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