Bankrupt crypto exchange FTX received U.S. court permission on Wednesday to liquidate cryptocurrency assets, a move the company said would allow it to repay customers in U.S. dollars and minimize risks related to price volatility in crypto markets.
U.S. Bankruptcy Judge John Dorsey approved FTX's proposal at a court hearing in Wilmington, Delaware, allowing FTX to sell up to $100 million in cryptocurrency per week and enter into hedging andagreements that will allow FTX to minimize the risk of price volatility and earn passive income on more mainstream crypto assets like bitcoin and ether.
During the hearing, Dorsey overruled concerns raised by two FTX customers who said FTX sales could cause crypto prices to crash and that FTX may not own all of the crypto that it holds in its accounts. Dorsey allowed FTX to increase its liquidation pace to up to $200 million per week, if both creditors committees agree.
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