- The judge in charge of FTX’s bankruptcy proceedings has authorized the sale of some assets to FTX.
- Assets under consideration include LedgerX among other assets.
- The move will give FTX the money to pay back its creditors.
FTX can breathe a sigh of relief after the judge charged with overseeing the FTX bankruptcy proceedings after applying for permission to sell part of its functioning business in December 2022. Approved Sale of assets to support efforts to repay creditors.
Businesses FTX has been authorized to sell include derivatives platform LedgerX, regional divisions FTX Europe and FTX Japan, and equity clearing platform Embed.
All systems are up for auction
After Delaware Bankruptcy Court Judge John Dorsey green-lits the sale of four major FTX units, interested bidders can join Perera Bank, which is tasked with overseeing the sale process. can. Investment banks represent FTX and its assets in the process.
Earlier this week, approximately 117 parties expressed interest in purchasing the FTX assets mentioned above. These parties are permitted access to information about the property to perform due diligence before deciding whether to proceed with a purchase.
FTX Europe has had its license suspended and FTX Japan has been ordered to suspend operations.
The approval of the sale is a reprieve for the embattled cryptocurrency exchange, which has recovered nearly $5 billion in assets so far since its bankruptcy. The proceeds from the sale will go a long way in raising funds to pay back the exchange’s creditors.