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FTX’s Great Escape: A $3.4 Billion Lifeline

U.S. Bankruptcy Court Approves FTX’s Plan to Sell, Stake, and Hedge Crypto Assets

Author

Jungle Degen
September 15, 2023

Greetings Crypto Explorers! 🌴🦜

This week we’ve got our binoculars focused on FTX, the crypto exchange that has found a lifeline amidst the quicksand of bankruptcy. The mighty U.S. Bankruptcy Court for the District of Delaware has thrown a vine to FTX, approving their plan to sell, stake, and hedge a staggering $3.4 billion worth of crypto assets to repay their creditors.

But the jungle is teeming with more than just FTX’s adventures. Franklin Templeton files for a spot Bitcoin ETF, Nasdaq’s Hashdex is joining the crypto ETF race, and Binance.US is stirring up the waters with a change in leadership.

As always… Stay Wild! 🌿🦁🚀.

🦍 The Big Jungle Roar

This week's monumental event that shook the crypto-jungle. Roar with us!

Judge Allows Bankrupt FTX to Sell Its Crypto Holdings, Including BTC and SOL

www.coindesk.com/policy/2023/09/13/judge-allows-bankrupt-ftx-to-sell-its-crypto-holdings-including-btc-and-sol

This week, a curious case caught our attention. Remember FTX, the crypto exchange that got stuck in the quicksand of bankruptcy? Well, it seems the Jungle Gods have heard their call! Judge John Dorsey from the mighty U.S. Bankruptcy Court for the District of Delaware has tossed them a vine. He gave a thumbs up to FTX’s plan to sell, stake, and hedge its tantalizing treasure of crypto assets, worth a staggering $3.4 billion, to repay their creditors. 🐒

During the court hearing, a slippery question slithered its way into the discussion - could FTX identify who deposited the assets? The lawyers, quick as jungle cats, responded that these assets were pooled together, and tracing them back to individual depositors was as elusive as spotting a chameleon in the undergrowth. 🐍

Earlier this week, FTX revealed its mighty haul, including around $1.16 billion worth of Solana (SOL) – about 16% of the token’s outstanding supply - and about $560 million in Bitcoin (BTC). The rest of their stash is an exotic mix of lesser-known, illiquid tokens. 🦜

As if this saga wasn’t wild enough, FTX is hoping to recruit Galaxy Digital’s Mike Novogratz as an advisor. Will this experienced jungle explorer help them navigate through the dense foliage? Only time will tell! 🐅

🏷 More on the FTX crypto sale

🦁 King of the Crypto Jungle

Unleashing the top beasts of this week's crypto news. Beware, it's a wild ride!

🐒 Meme Monkeys

Hopping onto the funniest and savviest crypto memes that swung through the jungle this week.

🦜 Jungle Mystery of the Week

Can you solve our crypto-themed riddle? The answer lies hidden deep within the jungle. Share your guesses on Twitter and tag us! (we may gift someone some crypto 👀)

In the wilds of the crypto-jungle, a strategy is whispered near and far, It’s not a sprint, not a climb, nor following a star. When the beasts are low and the birds don’t fly as high, That’s the moment chosen, but what could be this sly?

Not a hunt, not a feast, it’s quieter than a blip, It’s the savvy jungle whisper of “Buy The …”

🦩 Tweets from the Jungle

Check out these wild crypto tweets that have made it to the jungle!

🐊 Crypto Swamp Watch

  • Bitcoin (BTC) - $26,415.92 (2.01%)

  • Ethereum (ETH) - $1,621.92 (-0.86%)

  • Top Gainer: Toncoin (+17.73%)

  • Top Loser: ApeCoin (-16.91%)

Snapshot taken on the 15th of September, around 3:01pm, Jungle time.

🍍 Jungle Poll Parrot

Join our parrot's poll! This week's squawk…

What ripple will FTX’s treasure sale send through the crypto jungle?

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🐯 Jungle Snapshots

Our grand finale - Jungle madness, guaranteed wilder than any pump and dump. Enjoy, you crypto beasts!

Deep in the jungle…

👋 That's all for this issue of Jungle Tales! As we part ways, let's remember the wise words of a crypto degen:

In the crypto-jungle, the path ahead may be shrouded in mystery, but we stand firm, propelled by the audacious spirit of innovation that crypto embodies. We embrace the unknown, adapt with agility, and navigate with unwavering resolve. Because in this wild realm, it’s not about predicting the future, but about forging it through relentless curiosity and indomitable faith in the transformative power of crypto.

Don't forget to share our newsletter with your fellow crypto adventurers, and follow us on Twitter X.

Until next time, keep exploring the wild world of crypto!

Pura Vida,

Jungle Degen

JUNGLE WARNING: Hear me, ye dauntless navigators of the crypto wilderness. This parchment holds no keys to monetary splendor. Consider it more of a cryptic map of the jungle, teeming with teachings, not a treasure chest marked with an 'X'. It neither mutters veiled secrets of investment, nor beckons you to swap your prized assets or enact any fiscal transactions. In this unpredictable crypto habitat, caution is your most trusted ally, and your own robust investigation, the steadfast compass. Equip yourselves with the shield of wisdom, as you traverse the intricate network of paths. Remember, swift success is often a false trail; it is through enduring patience, adroit maneuvering and careful strategy can you navigate this mysterious landscape. The jungle is vast and filled with enigmatic conundrums; let your own diligent research be the torch that dispels shadows. Don't be lured by the glimmering illusion of quick profits, but bend your will to the pursuit of genuine understanding. Keep your wits about you and eyes wide open on this crypto-quest. To cut a long story short, this is NOT financial advice. Safe travels, crypto explorers!hapcan