Markets

What tokens could FTKS launch?

The new management of bankrupt exchange FTKS has identified $5.5 billion in assets that can be used to pay off creditors, sparking fears that a large chunk of crypto assets could be dumped on the markets.

On January 17, FTKS debtors identified $3.5 billion in crypto assets with $1.6 billion tied to the bankruptcy. The most famous funds are Solana’s exchange token SOL and FTKS FTT, along with liquid assets including KSRP, DOGE, Aptos (APT), Polygon (MATIC), TON and BitDAO (BIT).

The liquidators valued the tokens at the time of the bankruptcy filing. Cinneamhain Ventures Partner, Adam Cochran, commented:

“So the liquidators calculated token prices on the day of filing and considered $529 million of FTT ‘liquid’ in this calculation, as well as $685 million of Solana which would mega-nucleate the SOL market.”

He added that these were the only “liquid” tokens they counted, adding that “everything else will crash in price if you sell it.”

A list of illiquid crypto tokens has also been identified, raising concerns that they could be sold off, causing prices to fall.

On January 18, Fortune reporter Leo Schwartz also published an FTKS report, noting that the list of “illiquid tokens” includes nearly 10 billion of Serum (SRM), LUNA and Solana wrapped versions of BTC and ETH.

But many were obscure project tokens like TRUMPLOSE, BEAR and MEDIA.

He singled out TRUMPLOS as an “easter egg” linked to FTKS and Alameda supporting Democratic politicians with large donations. TRUMPLOSE is a prediction token used by FTKS during the US presidential election. Traders could buy TRUMPWIN or TRUMPLOSE tokens that would convert to $1 if Trump won or lost. FTKS holds almost 14 million of them.

BEAR Coin is a cryptocurrency designed to help animals through decentralized fundraising in collaboration with NGOs and animal lovers. 190 billion are on the balance sheet of FTKS.

It also has 8.3 million tokens from the bandwidth sharing network, Media. The list continues with 9.8 billion MAPS tokens from travel app Maps.me and nearly 10 billion OKSI tokens for Solana-based DeFi broker Okigen.

Connected: FTKS Recovered Over $5 Billion in Cash and Liquid Crypto: Report

Other illiquid assets include 2.4 billion in Alium Finance ( ALM ) and more than 277 million in Bonafida ( FIDA ), Solana’s developer platform. Holdings BRZ, GT, LIKE, HRKSO, MSOL, JSOL, KSSUSHI, AELPH and JET were also on the list.

SBF is still blogging

On January 18th, FTKS founder Sam Bankman-Fried resurfaced with a new blog post claiming that the information in the FTKS State of Business Report is “grossly wrong.”

“FTKS US was solvent when it was handed over to S&C [Sullivan & Cromwell]and it almost certainly remains solvent today,” he stated.