Market rally pumps bankrupt crypto firm holdings Market rally pumps bankrupt crypto firm holdings

Market rally pumps bankrupt crypto firm holdings

Bankrupt crypto exchange FTX's crypto portfolio rose by roughly $63 million, according to Arkham Intelligence dashboard.

Market rally pumps bankrupt crypto firm holdings

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.

FTX's crypto holdings
Source: Arkham Intelligence

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.

Celsius Network
Source: Arkham Intelligence

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.

Voyager holding
Source: Arkham Intelligence

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.

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