Market rally pumps bankrupt crypto firm holdings News ▸ FTX ▸ Bitcoin ▸ Bankruptcy
Market rally pumps bankrupt crypto firm holdings
Bankrupt crypto exchange FTX's crypto portfolio rose by roughly $63 million, according to Arkham Intelligence dashboard.
2 min read
Updated: Mar. 13, 2023 at 3:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The recent crypto market rally has pumped the crypto holdings of several bankrupt crypto firms in the last 24 hours, according to the Arkham Intelligence dashboard.
During the last 24 hours, flagship digital assets like Bitcoin (BTC) and Ethereum (ETH) rose by more than 7%, respectively. The global crypto market cap also rallied above $1 trillion during the reporting period, according to CryptoSlate’s data.
FTX’s holding rise $63 million
Bankrupt crypto exchange FTX’s crypto portfolio rose by roughly $63 million. Except for Euler’s Finance EUL token and Unus Sed Leo’s native token, other digital assets in the exchange’s portfolio recorded gains.
The FTX management has been consolidating the bankrupt’s firm assets from different on-chain sources into the wallet.
According to the dashboard, FTX’s FTT was responsible for much of the gain. The token rose 5.64% in the last 24 hours and added $24.25 million to the bankrupt firm’s portfolio.
Other assets like the embattled USD Coin (USDC) stablecoin added $3.60 million to its holdings. Its ETH holdings grew by $3.78 million, while Polygon’s MATIC holdings increased by $3.55 million.
Its obscure altcoin holdings, like BOBA, added more than $1.6 million respectively to the firm’s overall portfolio.
On the other hand, a wallet connected to its sister company, Alameda Research, gained $21.19 million, mainly from its BitDAO (BIT), USDC, and ETH holdings.
Celsius, Voyager holdings increase over $50M each
A look at the crypto holdings of other bankrupt crypto lending firms like Celsius Network and Voyager showed that they also benefited from the pump.
A wallet connected to Celsius Network increased by $133.15 million to over $1 trillion. The bankrupt lender gains mostly came from its staked Ethereum (stETH) holding, which rose by $82.36 million. Its Celsius (CEL) token added $29.32 million, while its ETH holdings increased by roughly $10 million.
Besides that, its other assets, USDC, Chainlink (LINK), Wrapped Ethereum (wETH), etc., recorded over a million gain.
Meanwhile, the dashboard shows Voyager Digital’s assets rallied by $50.65 million. The bankrupt firm had been liquidating its assets into USDC and had earlier recorded a loss of around $45 million, Arkham Intelligence tweeted on March 11.
But with the stablecoin regaining its peg alongside the broader market rally, its USDC holdings grew $26.88 million while its Ethereum and Shiba Inu (SHIB) holdings spiked by $15.05 million and $3.30, respectively.
Mentioned in this article
Bitcoin 
Ethereum 
FTX Token 
Lido Staked ETH 
Boba Network 
Celsius 
Chainlink 
BitDAO 
USD Coin 
Polygon 
Voyager Token 
FTX 
Celsius Network 
Voyager Author 
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,087.91
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
FTX Token
$1.96530
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
Lido Staked ETH
$3,603.48
stETH is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards.
Boba Network
$0.20213
Boba is an L2 Ethereum scaling & augmenting solution built by the Enya team as core contributors to the OMG Foundation.
Celsius
$0.25046
Celsius Network is a P2P decentralized lending & borrowing platform.
Chainlink
$14.0425
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
BitDAO
$0.74921
BitDAO is a decentralized autonomous organization that wants to level the playing field for every person in the world by building a decentralized token economy.
USD Coin
$0.99993
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Polygon
$0.41048
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Voyager Token
$0.09413
The Voyager Token (VGX) rewards users within the Voyager crypto broker ecosystem.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.