Currency exchange In an effort to allay concerns expressed by the U.S. Trustee, the Department of Justice’s bankruptcy division, in a recent filing, FTX has modified its proposal to sell billions in crypto assets.
Since the threat of a crypto participant selling off up to $100 million of assets each week has already cooled crypto values, the plan would nonetheless exclude FTX from having to provide early public notice of transactions given their market-moving significance.
FTX’s idea was initially met with opposition from the U.S. Trustee, who insisted that any intention to sell off bitcoin (BTC) or ether (ETH) should be made known to as many people as possible in order to give them time to oppose. As part of the settlement, FTX has agreed to keep committees that represent the exchange’s creditors and the U.S. Trustee in the loop in a private manner.
Judge John Dorsey is scheduled to evaluate the plan at a hearing later on Wednesday in a Delaware courthouse, so FTX will be hoping it will satisfy opponents. Earlier last week, FTX disclosed it holds $560 million in bitcoin and $1.16 billion in Solana’s SOL.