- The conclusion of this process has not been given a fixed deadline.
- According to FTX. The new CEO of FTX requested “patience” from its team members, suppliers, clients, regulators, and other government stakeholders.
- There may be more than a million creditors in these Chapter 11 cases, according to FTX’s petition.
Even as Bahamian officials and FTX argue in court filings and public releases about whether the bankruptcy filing should take place in New York or Delaware, the bankrupt cryptocurrency exchange stated on Saturday that it is looking to sell or restructure its vast global empire.
In a statement, FTX CEO John Ray said, “Based on our examination over the past week, we are glad to see that many of FTX’s regulated or licenced companies, both inside and outside of the United States, have solvent balance sheets, responsible management, and significant brands.”
Sam Bankman-Fried, the founder of FTX, was succeeded by Ray, who stated that it is “a priority” in the coming weeks to “explore sales, recapitalizations, or other strategic transactions with respect to these subsidiaries, and others that we identify as our work continues.” FTX filed for Chapter 11 bankruptcy protection on November 11.
A rush of Saturday morning filings in Delaware bankruptcy court preceded Ray’s announcement. In those documents, FTX requested authorization to pay third parties, combine bank accounts, and open new ones.
It’s unknown when a potential transaction would occur. In addition to stating that it “does not intend to disclose future developments unless and until it decides that such disclosure is appropriate or necessary,” FTX stated that it has not established a precise deadline for the completion of this process.
In two different U.S. courts, the FTX and Bahamas securities authorities are both requesting authority over the bankruptcy procedure. Last week, Bahamian regulators transferred hundreds of millions of dollars’ worth of “digital assets” from FTX’s care into their own, admitting the act in a press release after being accused of doing so by FTX lawyers in an urgent court petition.
Ray pointed highlighted a few of the most robust divisions of the business. LedgerX, a derivatives platform governed by the Commodity Futures Trading Commission, is one such. One of the few FTX-related businesses that is still operating today and not included in its bankruptcy procedures is LedgerX. Traders can purchase futures, swaps, and options on bitcoin and ethereum through the platform, which FTX bought in 2021.
The new CEO of FTX requested “patience” from its team members, suppliers, clients, regulators, and other government stakeholders.
There may be more than a million creditors in these Chapter 11 cases, according to FTX’s petition.
216 bank accounts with positive balances from 36 different banks were found by FTX and its accountants. A total of $564 million in cash was held by all businesses, $265.6 million of which was in LedgerX’s possession on a limited basis.
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