The judge overseeing FTX’s bankruptcy proceedings has approved the sale of LedgerX and some of its assets by the embattled cryptocurrency exchange to aid in its creditor repayment efforts. Judge John Dorsey has approved the sale of four key units of FTX, according to a Delaware bankruptcy court filing. These assets include derivatives platform LedgerX, equity trading platform Embed and its regional subsidiaries FTX Japan and FTX Europe.
Interested bidders can now contact investment bank Perella Weinberg, who have been appointed to begin the sale process on behalf of FTX and its assets including LedgerX. Earlier this week, 117 parties expressed interest in buying FTX assets for sale. Before purchasing a unit, these parties have access to information about the property as part of due diligence.
Lawyers representing FTX began seeking court approval to sell the four units on Dec. 15, citing the risk of an asset loss. Currently, FTX Europe has had its license revoked and FTX Japan has been suspended.
According to FTX lawyer Andy Dietderich, the troubled cryptocurrency exchange has reportedly recovered around $5 billion in cash and cryptocurrencies. FTX’s lawyers said that while the crypto platform recovered some funds, the crypto platform is still working to reconstruct its transaction history. In addition, the attorney said the total amount of the customer’s shortfall was unclear.
Meanwhile, former FTX CEO Sam Bankman-Fried, who has pleaded not guilty to all criminal charges, recently claimed he did not steal funds or hide billions of dollars. The former CEO said FTX International had $8 billion when its next CEO, John Ray, took over. Barnkman-Fried also said he has pledged to use his personal fortune to help get users reimbursed.
Miami-Dade County Set to Remove FTX Advertisements From Miami Heat Arena
Miami-Dade County will soon begin removing FTX’s promotional branding from the Miami Heat arena after receiving permission from a Delaware U.S. bankruptcy judge on Jan. 11, the Associated Press reported.
County officials struck a $135 million deal with the cryptocurrency exchange in 2021 to name the NBA arena “FTX Arena” through 2040. The FTX logo is located on some entrances, the arena roof, the basketball court, security polo shirts, and many of the cards staff use to access the facility.
Miami-Dade officials filed a motion to terminate the naming rights agreement on Nov. 22 after FIXS filed for bankruptcy protection. As part of the deal, The Heat will receive $2 million per year beginning in June 2021. January 1st was the due date for the final payment, which was supposed to be $5.5 million.
