Home Blockchain LedgerX, other assets sold by bankruptcy court to FTX

LedgerX, other assets sold by bankruptcy court to FTX

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LedgerX, other assets sold by bankruptcy court to FTX

Source: blockchain.news

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The court that is in charge of monitoring FTX’s bankruptcy proceedings has allowed the troubled cryptocurrency exchange to liquidate some of its assets to help it in its attempts to pay off its creditors.

In a filing made in the Delaware Bankruptcy Court, it was indicated that Judge John Dorsey had given his approval for the sale of four major components of FTX. Assets include derivatives platform LedgerX, equity trading platform Embed, and its regional subsidiaries, FTX Japan and FTX Europe.

Those interested in making an offer can now contact investment firm Perella Weinberg, which has been entrusted with the responsibility of initiating the sale process and representing FTX and its assets.

Earlier this week, 117 different parties indicated that they were interested in acquiring the FTX assets that are now up for sale. On December 15, FTX’s lawyers began the process of requesting judicial authorization to sell the four units, warning of the possibility of a decrease in the value of the properties.

For the time being, FTX Europe has had its licenses terminated, while FTX Japan has been ordered to cease business operations.

According to FTX’s latest lawyer, Andy Dietderich, the troubled cryptocurrency exchange has apparently recovered something close to $5 billion in cash and coins. FTX’s legal counsel said that despite the exchange managing to recover some assets, the cryptocurrency platform is still in the process of reassembling its transaction history.

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

Former FTX CEO Sam Bankman-Fried, who has pleaded not guilty to all criminal charges against him, said he did not steal cash or hide billions of dollars. Bankman-Fried also said that he was willing to use his own personal assets to help compensate users, and made this promise during his deposition.

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