Market rally pumps bankrupt crypto firms

The recent rally in the crypto market has pumped up the crypto holdings of several bankrupt crypto firms over the past 24 hours, according to the Arkham Intelligence dashboard.

Over the past 24 hours, flagship digital assets such as Bitcoin (BTC) and Ethereum (ETH) have risen by more than 7% respectively. The global crypto market cap also rose above $1 trillion during the reporting period, according to CryptoSlate’s data.

FTX’s holdings increase by $63 million

Bankruptcy crypto exchange FTX’s crypto portfolio increased by about $63 million. Apart from Euler’s Finance EUL token and Unus Sed Leo’s native token, other digital assets in the exchange’s portfolio registered gains.

FTX management has consolidated the bankrupt’s fixed assets from various 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, adding $24.25 million to the bankrupt firm’s portfolio.

Other assets such as the controversial 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.

Source: Arkham Intelligence

Its obscure altcoin holdings, like BOBA, added more than $1.6 million to the firm’s overall portfolio.

On the other hand, a wallet associated with its sister company, Alameda Research, won $21.19 million, mainly from its BitDAO (BIT), USDC and ETH holdings.

Celsius, Voyager inventory increases by over $50 million 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 the Celsius Network increased by $133.15 million to over $1 trillion. The bankrupt lender’s gains came mostly from its staked Ethereum (stETH) holdings, which rose by $82.36 million. Its Celsius (CEL) token added $29.32 million, while its ETH holdings increased by about $10 million.

Source: Arkham Intelligence

Besides that, its other assets, USDC, Chainlink (LINK), Wrapped Ethereum (wETH), etc., recorded over a million gains.

Meanwhile, the dashboard shows Voyager Digital’s assets increased by $50.65 million. The bankrupt company had liquidated its assets to USDC and had previously recorded a loss of around $45 million, Arkham Intelligence tweeted March 11th.

Source: Arkham Intelligence

However, as the stablecoin regained its footing along with the broader market rally, its USDC holdings grew $26.88 million, while its Ethereum and Shiba Inu (SHIB) holdings rose by $15.05 million and $3.30, respectively.

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