DWF Labs, which stood out with its investments in the altcoin market during the bear market, plans to purchase the assets of the notorious FTX exchange. According to the statements of the company’s managing partner Andrei Grachev, the acquisition move will be in the interest of the market.
DWF Labs executive announces plans to acquire FTX assets
Recently, Andrei Grachev shared DWF Labs’ plans to purchase FTX on his social media account:
DWF Labs is considering purchasing FTX to provide the best execution price to creditors and reduce the risk of massive aggressive selling pressure that could send the market back to capitalization in 2020
@DWFLabs is considering to purchase FTX assets in order to provide creditors the best execution price and mitigate a risk of a huge aggressive selling pressure that could send the market back to 2020’s capitalization
— Andrei Grachev (@ag_dwf) September 13, 2023
DWF Labs plans to purchase FTX assets to provide a best exercise price to creditors in an effort to alleviate a major selling pressure that could send the market value back to 2020 levels. The development, which closely concerned the investment world, was a strategy aimed at preventing a major fluctuation in the crypto market. Grachev states that this step was taken to protect the market and offer the best price to creditors.
September 13 was the date FTX could sell altcoin reserves with court approval
cryptokoin.com As we reported, the US court gave the green light to FTX last week to liquidate its altcoin reserves. According to recent developments, FTX wants the information to be kept confidential before a major liquidation. The company applied to the US court and requested confidentiality before the liquidation of its $ 3.4 billion assets.
In its request to the Delaware Court, FTX requested that the sales transactions be hidden from the public. Thus, market participants will not be informed of the situation in advance. This is a step towards preventing panic selling and market fluctuations.
U.S. Trustees initially opposed exchange’s request
In the meantime, the Committee suggests that the intention to sell should be widely announced. However, they later reached a compromise. FTX agreed to notify creditor committees and US authorities. Judge John Dorsey’s decision is currently awaited in court. The decision is planned to be made within the day. Experts state that the market may be relieved psychologically, especially if the court approves the request.
Matrixport company claimed that FTX’s asset liquidation caused selling pressure in the altcoin market. The company detailed the situation in a report on Monday. Chinese billionaire Jihan Wu’s company brought these allegations to the agenda. In this critical period, all eyes are now on the decision the judge will make. It is a matter of curiosity whether FTX’s request will be accepted or not. Market participants are carefully awaiting the court’s decision.
What altcoins are currently held by FTX exchange
According to reports dated January 2023, FTX’s altcoin reserves include the following projects:
- Solana (SOL): $685 million (locked)
- FTX Token (FTT): $529 million
- Bitcoin (BTC): $268 million
- Ethereum (ETH): $90 million
- Aptos (APT): $67 million
- Dogecoin (DOGE): $42 million
- Polygon (MATIC): $39 million
- BitTorrent (BIT): $35 million
- Toncoin (TON): $31 million
- XRP (XRP): $29 million
