FTX is once again making headlines a little less than a year since its collapse for the upcoming hearing. The Omnibus hearing will decide whether FTX
can convert its assets into fiat to repay its creditors. Ahead of the hearing, though, the total value of the assets has come to light.According to a court filing from September 11, the total value of assets arranged by the FTX estate came up to about $7 billion. This includes about $1.16 billion worth of Solana tokens as well as over $500 million worth of Bitcoin . Additionally, the company holds multiple other crypto assets, the collective worth of which is more than $3.4 billion.
Furthermore, per the filing, the top FTX executives, including founder Sam Bankman-Fried and his inner circle members, hold assets, crypto and cash amounting to $2.2 billion. These funds were received by the members right before theThe funds are crucial in repaying creditors. The FTX debtors, led by the current Chief Executive Officer John Ray, have been deliberating whether or not to relaunch the exchange and provide creditors with equity as repayment.
Naturally, the potential approval from the court concerning the Omnibus hearing triggered a wave of panic in the market as investors assumed the sudden dump might lead to a steep drop-off in price. Consequently, selling began, and SOL price slipped by 6% on September 10. This FUD, however, was short-lived and did not impact the price too majorly. Over the past 48 hours, the "Ethereum killer" has only declined by a little over 10%. Some bearishness is expected over the next 48 hours as well since panic selling might occur following the hearing.
Investors might want to watch Solana price and whether it can sustain itself above the three-month-long support level at $14.28. Trading at $17.52, the altcoin is close to falling through the support line at $17.34, which might trigger a decline to $14.28.
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