Odaily Planet Daily News Crypto KOL MartyParty posted on the X platform yesterday: "Galaxy Digital is handling the over-the-counter (OTC) sales of FTX assets. Some MATICs were sold to Coinbase and Kraken the day before. 2 million MATICs were sold to Coinbase , 1 million MATIC were sold to Kraken; Coinbase paid $1 million in USDT, and Kraken paid 500 ETH.”
MartyParty stated that FTX assets will not enter the open market and stop FUD. "OTC stands for over-the-counter, which means the inventory is being traded between exchanges and is not being traded through an order book and does not impact the market," he explained.
Yesterday’s news revealed that FTX submitted a motion to sell, pledge and hedge more than $3 billion in crypto asset positions in August. As reported by Unchained Crypto, a hearing on the motion regarding FTX’s proposed plan is scheduled for September 13. In court documents filed on September 7, The U.S. Trustee objected to FTX’s proposed plan.
Crypto analyst The DeFi Investor posted on the X platform that the market may face huge selling pressure next week, and FTX’s proposed plan is likely to be approved at the hearing on September 13. As of April, FTX exchange held $3.4 billion worth of cryptocurrencies. Under the proposed plan, FTX would sell up to $200 million worth of cryptocurrency per week.