Which tokens can FTX dump on the market?

The new management of the bankrupt FTX exchange has identified $5.5 billion in assets that could be used to pay back creditors, raising fears that a large chunk of crypto assets could be dumped into the markets.

On Jan. 17, FTX debtors identified $3.5 billion in crypto assets with $1.6 billion associated with the bankrupt exchange. The best known holdings are Solana’s SOL and FTX exchange token FTT, along with liquid assets including XRP, DOGE, Aptos (APT), Polygon (MATIC), TON and BitDAO (BIT).

Liquidators valued the tokens at the time of the bankruptcy filing. Cinnamhain Ventures Partner, Adam Cochran, noticed:

“So liquidators counted token prices on filing day and consider the $529 million of FTT as ‘liquid’ in this calculation, as well as $685 million of Solana, which would mega destroy the SOL market.”

He added that these were the only “liquid” tokens they counted, adding “everything else will raise the price when you sell it.”

A list of illiquid crypto tokens has also been identified raising concerns that they could be sold, causing a price crash.

On Jan. 18, Fortune reporter Leo Schwartz also posted the FTX report, highlighting that the list of “illiquid tokens” includes nearly 10 billion Serum (SRM), LUNA, and Solana packaged versions of BTC and ETH.

But many were obscure project tokens like TRUMPLOSE, BEAR, and MEDIA.

He highlighted TRUMPLOSE as an “Easter egg” that aligns with FTX and Alameda supporting Democratic politicians with large donations. TRUMPLOSE is a prediction token that FTX used during the US presidential election. Traders could purchase TRUMPWIN or TRUMPLOSE tokens that would convert to $1 if Trump won or lost. FTX has nearly 14 million.

BEAR Coin is a cryptocurrency designed to help animals through decentralized fundraising in partnership with NGOs and animal lovers. There are 190 billion on the FTX balance sheet.

It also has 8.3 million tokens from the bandwidth sharing network, Media. The list continues with 9.8 billion MAPS tokens from the Maps.me travel app and nearly 10 billion OXY tokens for Solana-based DeFi broker Oxygen.

Related: FTX has recovered over $5 billion in cash and liquid crypto: report

Other illiquid assets include 2.4 billion in Alium Finance (ALM) and more than 277 million in Bonafida (FIDA), a Solana developer platform. The list also included BRZ, GT, LIKE, HRXO, MSOL, JSOL, XSUSHI, AELPH and JET holding companies.

SBF is still blogging

On Jan. 18, FTX founder Sam Bankman-Fried reappeared with a new blog post claiming that the information in the FTX state of play report was “extremely misleading.”

“FTX US was solvent when transferred to S&C [Sullivan & Cromwell]and almost certainly remains solvent today,” he stated.