As the global cryptocurrency market rallied in recent weeks, the value of cryptocurrency holdings linked to FTX and its trading arm, Alameda Research, has grown to around $1.19 billion as of Tuesday, February 20, 2024.
$1.19 Billion Worth of Crypto
According to on-chain analyst Lookonchain, the largest holding in the portfolio is FTT, the native token of FTX, with 266.84 million tokens valued at $482.98 million.
The substantial holdings in FTT highlight FTX’s optimism toward its native token despite crashing by more than 90% amid the exchange’s implosion in November. The token soared by 11% last month on hopes of creditors’ repayment.
Trailing FTT in the FTX/Alameda portfolio is Worldcoin’s native token, WLD. The bankruptcy entities hold 25 million WLD, valued at around $168.00 million.
Tokens in the top list include 105.47 million BIT ($83.33 million), 1.5K BTC ($77.64 million), 104.02 million STG ($71.36 million), 119.28 million BOBA ($63.52 million), 10.67K ETH ($31.17 million), 16.91 million TOMOE ($16.21 million), 3.16 million GT ($15.10 million), 3.37 million LEO ($14 million), and several others making up the evaluated $1.19 billion.
A Glimmer of Hope
The surge in FTX crypto portfolio presents a glimmer of hope as it could help provide a much-needed lifeline to creditors and users impacted by the crypto exchange’s collapse in November 2022.
While the current value of the crypto portfolio could fluctuate based on market conditions, it represents a significant sum of money that the bankrupt entity can use to compensate creditors and users partially.
FTX’s bankruptcy proceedings are ongoing, and it is still unclear how much money will ultimately be recovered, as the value of the crypto portfolio is just one factor to be considered in determining how much money creditors and users will eventually recover.
