FTX Now Controls Over $4M Worth of NFT Collection

Bankrupt cryptocurrency exchange FTX now controls several blue-chip NFTs, including Bored Ape, Azuki, Otherdeed, and Mutant Ape.

Coinbase director Conor Grogan tweeted this on April 26, noting that Bored Ape’s NFT and several other assets owned by the bankrupt company had been transferred to its multisig wallet. Grogan added that the Hape Prime NFT that Alameda bought for $100,000 was also transferred to the same wallet.

Bankruptcy arm FTX holds 32 BAYC, 7 Azuki, 29 Otherdeed, 81 Sandbox Land, 6 Hape Prime, 2 MAYC and 12 BEANZ — totaling more than $4 million, according to Dune’s analysis.

Source: Dune Analysis

According to available information, FTX purchased most of these NFTs in 2021 while being active in the NFT market. At the time, it purchased 101 Bored Ape from Sotheby’s for $24.4 million; all of the Ape had been deposited into FTX US and listed at a lower price than the OpenSea exchange to attract more users.

Someone took advantage of the price difference to buy NFT 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 that liquidating assets could be the next step.

However, any liquidation could affect the reserve prices of these collectibles – which have dropped significantly, such as Bitcoin Magazine report.

21co researcher Tom Wan believes that FTX may not liquidate assets directly, but auction off assets like Sanjian Capital went bankrupt. In February, clearing firm 3AC Teneo revealed that it would sell some NFTs belonging to bankrupt crypto hedge funds.

Attempts to consolidate assets continue

Meanwhile, FTX management continues to consolidate the assets of the bankrupt company.

The company has agreed to sell LedgerX for $50 million and will explore selling its European subsidiary.

Additionally, speculation is growing that exchanges may explore reopening. However, its executives have not yet decided whether this is feasible.

board take

According to Cryptoslate

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