Friday, June 14, 2024

LedgerX, Other Assets Sold By Bankruptcy Court For FTX

The court who is in charge of monitoring the bankruptcy proceedings for FTX has allowed the troubled cryptocurrency exchange permission to liquidate some of its assets in order to assist it in its attempts to repay its creditors.

In a file that was made in the Delaware Bankruptcy Court, it was stated that Judge John Dorsey had given his approval for the sale of four important components of FTX. The assets include of the derivatives platform LedgerX, the stock-trading platform Embed, and its regional subsidiaries, FTX Japan and FTX Europe.

Those who are interested in placing an offer may now get in touch with the investment firm Perella Weinberg, which has been given the responsibility of initiating the sale process and representing FTX and its assets.

At the beginning of this week, 117 different parties indicated that they were interested in acquiring the FTX assets that are now up for sale. On December 15th, attorneys for FTX began the process of petitioning the court for authorization to sell the four units, noting the possibility of a decrease in the value of the properties.

At the moment, FTX Europe has had its licenses terminated, while FTX Japan has been hit with orders to cease its commercial operations.

Based on the most recent FTX lawyer Andy Dietderich, the troubled cryptocurrency exchange has apparently recovered something in the neighborhood of $5 billion dollars worth of cash and coins. The legal counsel for FTX said that despite the fact that the exchange has succeeded in recouping some assets, the cryptocurrency platform is still in the process of reassembling its transaction history.

As John Ray took over as CEO of FTX worldwide, the previous CEO said that the company had $8 billion in assets.

The former CEO of FTX, Sam Bankman-Fried, who has pleaded not guilty to all of the criminal allegations against him, has said that he did not steal cash nor hide billions of dollars. Bankman-Fried also said that he was willing to utilize his own personal assets to contribute to the task of compensating users, and he made this vow during his statement.

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