Lawyers for the FTX exchange have sought permission from the US bankruptcy court to sell FTX Japan and FTX Europe, as well as the LedgerX derivatives exchange and the Embed clearing platform.
Due to FTX bankruptcy proceedings, as well as at the request of regulators, which partially limited the license of FTX Japan and FTX Europe, the operations of local affiliates of the exchange were suspended.
FTX management wants to sell parts of their failed crypto empire before they lose too much of their value or their licenses are permanently revoked. In addition, the new administration of FTX plans to put up for sale the LedgerX derivatives exchange and the Embed clearing platform.
Lawyers said the companies were all recently acquired and operate relatively independently of FTX, which should greatly simplify due diligence procedures and the subsequent potential sale process.
Exchange officials are asking the Bankruptcy Court to allow the sale, as these companies have faced the loss of customers and employees since FTX filed for bankruptcy. They believe that the timely sale of these companies will allow operations to resume and therefore maximize the value of FTX’s assets.
If approved by the judge and without objection from other stakeholders, the bidding and sale process will begin in the first quarter. More than 110 parties have expressed interest in buying one or more of the 134 companies involved in FTX’s bankruptcy, according to sources close to the litigation.
Recall that the founder and former CEO of the FTX cryptocurrency exchange, Sam Bankman-Fried, who was taken into custody, according to preliminary data, faces a prison term of up to 115 years.
Source: Bits
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