The FTX assets to be sold include derivatives platform LedgerX, stock clearing platform Embed and its regional affiliates FTX Japan and FTX Europe.
The judge overseeing FTX's bankruptcy proceedings has approved the embattled cryptocurrency exchange to sell some of its assets to help it work to repay creditors. Judge John Dorsey has approved the sale of four key units of FTX, according to a Delaware bankruptcy court filing. These assets include derivatives platform LedgerX, stock trading platform Embed and its regional affiliates FTX Japan and FTX Europe.
Interested bidders can now contact investment bank Perella Weinberg, who has been tasked with beginning the sale process on behalf of FTX and its assets. Earlier this week, 117 parties expressed interest in buying FTX assets for sale. Before purchasing a unit, these parties have access to information about the property as part of due diligence. Lawyers representing FTX began seeking court approval to sell the four units on Dec. 15, citing the risk of loss in asset value. Currently, FTX Europe has its license revoked and FTX Japan has been suspended.
According to FTX attorney Andy Dietderich, the embattled cryptocurrency exchange has reportedly recovered around $5 billion in cash and cryptocurrencies. FTX lawyers said that while the exchange has recovered some funds, the crypto platform is still working to reconstruct its transaction history. Additionally, the lawyer said the total amount of the client shortfall remains unclear. Meanwhile, former FTX CEO Sam Bankman-Fried, who has pleaded not guilty to all criminal charges, recently claimed he did not steal funds or stash billions. The former CEO said FTX International had $8 billion when its next CEO, John Ray, took over. Bankman-Fried also said he pledged to use his personal assets to help reimburse users.
