Judge Grants FTX Permission to Sell Assets to Repay Creditors, 117 Parties Express Interest

Judge recently granted ftx permission to sell some of its assets in order to repay creditors, and investment bank perella weinberg has been tasked with beginning the sale process. around 117 parties have expressed interest in purchasing the assets, and they must submit non-binding preliminary bids for the asset they are interested in acquiring. the assets that will be sold include the cftc-regulated derivatives exchange ledgerx llc, the equities-trading platform embed technologies, ftx japan holdings, and ftx europe.

Process began on december 15, 2022, and ftx europe’s licenses are currently suspended, while ftx japan has also been subject to business suspension orders. a january 18 deadline has been set for embed, a january 25 deadline for ledgerx, and february 1 deadlines for both ftx japan and ftx europe. ftx lawyer andy dietderich has reported that ftx has recovered around $5 billion in cash, cryptocurrencies, and liquid investments in securities.

Sought permission to sell the four entities due to concerns about the potential for value loss. on-chain data shows that roughly $72,000 in aave wrapped btc was lost when the team tried to move funds into a multi-sig wallet owned by alameda research. the total amount of the customer shortfall remains unclear, as the ftx restructuring team has faced some difficulties as it attempts to navigate some of the firm’s more complex investments in defi.


By Evey Lovelace

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