The FTX assets that will be sold include the derivatives platform LedgerX, the stock-clearing platform Embed, and its regional arms FTX Japan and FTX Europe. 232 Total views 4 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT The judge in charge of overseeing the FTX bankruptcy proceedings has given the embattled crypto exchange the approval to sell some of its assets to aid its efforts in repaying its creditors.
According to a court filing, Delaware Bankruptcy Court Judge John Dorsey has approved the sale of four key units of FTX. This includes the derivatives platform LedgerX, the stock-trading platform Embed, and its regional arms FTX Japan and FTX Europe.
Interested bidders can now contact investment bank Perella Weinberg, which is tasked to begin the sale process, representing FTX and its assets. Earlier this week, 117 parties have already expressed their interest in purchasing the FTX assets that are up for sale. These parties are currently allowed to access information regarding the assets, as part of their due diligence before buying up the units. Cast your vote now!
Lawyers representing FTX started to seek the court’s permission to sell the four units on Dec. 15 citing the risks of value loss for the assets. At the moment, FTX Europe had its licenses suspended while FTX Japan has been subject to business suspension orders.
Related: Crypto.?com CEO announces 20% staff cut, did not account for FTX collapse
The embattled crypto exchange has reportedly recovered around $5 billion in cash and cryptocurrencies according to FTX lawyer Andy Dietderich. The FTX attorney said that while the exchange has recovered some funds, the crypto platform is still in the process of working to rebuild its transaction history. In addition, the customer shortfalls total amount remains unclear, the lawyer said.
Meanwhile, former FTX CEO Sam Bankman-Fried, who pled not guilty to all criminal charges sent his way, recently claimed that he did not steal funds nor stash billions. The former CEO said that FTX international had $8 billion during the time when its next CEO John Ray took over. Bankman-Fried also said that he pledged to use his personal assets to aid the effort in reimbursing users. #Law #Business #FTX #Regulation Related News The biggest crypto heists of all time Silvergate faces class-action lawsuit over FTX and Alameda dealings FTX asks bankruptcy judge to stop BlockFi from claiming Robinhood shares FTX paid $12M retainer to a New York law firm before bankruptcy filing FTX former lead engineer in talks with federal prosecutors in Bankman-Fried case
