AND SOL

Summary from the TLDR Crypto newsletter

Yesterday, FTX received approval from a US bankruptcy court to sell and hedge its crypto holdings, valued at over $3.4 billion - $1.16 billion worth of solana and $560 million in bitcoin, and the rest in other tokens. The court ruling permits FTX to use the funds raised in this liquidation to repay its creditors. FTX claims that hedging its assets will limit downside risk, while staking certain digital assets will generate low-risk returns for creditors. FTX also requested to hire Mike Novogratz from Galaxy Digital as an adviser in this process.