The assets that will be sold include the platform LedgerX, Embed and its regional arms, FTX Japan and FTX Europe.
The judge presiding over the FTX bankruptcy proceedings has given the struggling cryptocurrency exchange permission to sell some of its assets to help it pay off its creditors.
The sale of four important FTX units has Judge John Dorsey’s approval, according to a document filed in Delaware Bankruptcy Court. The assets consist of the stock trading platform Embed, the derivatives platform LedgerX, and its regional affiliates, the crypto exchange in Japan and Europe.
In order to start the sale process and represent the collapsed crypto exchange and its assets, investment bank Perella Weinberg is now accepting inquiries from potential buyers. 117 parties expressed interest in buying the assets up for sale earlier this week.
Before purchasing the units, these parties can access information on the assets as part of their due diligence. On December 15, attorneys for the crypto exchange began asking the court for authorization to sell the four units, claiming potential value loss for the assets.
While FTX Japan has been given orders to halt operations, FTX Europe now has its licenses suspended. According to FTX attorney Andy Dietderich, the troubled cryptocurrency exchange has purportedly recovered almost $5 billion in cash and coins.
Although the exchange has recovered some money, the attorney stated that the cryptocurrency platform is still striving to restore its transaction history.
The overall amount of the consumer shortfall is also still unknown, according to the attorney. Sam Bankman-Fried, the former CEO of the collapsed crypto exchange, who pleaded not guilty to all allegations, recently asserted that he did not steal money or hide billions.
According to the former CEO, FTX International had $8 billion when John Ray became the company’s new CEO. Bankman-Fried said that he promised to utilize his own resources to support the task of compensating users.
