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FTX Bankruptcy Judge Approves Sale of Key Assets to Repay Creditors

FTX, an embattled crypto exchange, has been approved by a bankruptcy judge to sell key assets to repay its creditors.

FTX logo
FTX logo

Judge John Dorsey of Delaware Bankruptcy Court has approved the sale of four units of FTX, which include the derivatives platform LedgerX, the stock-trading platform Embed, and its regional arms, FTX Japan and FTX Europe.

117 Parties Express Interest in Purchasing FTX Assets

Investment bank Perella Weinberg, tasked with overseeing the sale process, has reported that 117 parties have expressed interest in purchasing the assets that FTX is putting up for sale. These parties will now be able to access information regarding the assets as part of their due diligence process before making a purchase.

FTX Recovers $5 Billion in Cash and Cryptocurrencies

FTX has reportedly recovered around $5 billion in cash and cryptocurrencies, according to FTX lawyer Andy Dietderich. The attorney also stated that while the exchange has recovered some funds, the crypto platform is still working to rebuild its transaction history. The total amount of customer shortfall remains unclear.

Former FTX CEO Denies Stealing Funds or Stashing Billions

Former FTX CEO Sam Bankman-Fried, who pleaded not guilty to all criminal charges, has recently claimed that he did not steal funds or stash billions. He stated that FTX international had $8 billion when its next CEO John Ray took over. Bankman-Fried also pledged to use his assets to aid in reimbursing users.