A bankruptcy judge approves the sale of four key FTX business divisions

A bankruptcy judge approves the sale of four key FTX business divisions

LedgerX and Embed were among the four business units that FTX was allowed to sell by the bankruptcy judge.

John J. Ray III, the new team leader at FTX might have reached a significant milestone in repaying the customers and creditors of the FTX company. John Ray III has more than 40 years experience in legal and restructuring and was appointed the CEO of the company to help restructure it after the bankruptcy filings were filed.

FTX granted permission to sell four business divisions

Four of the exchange’s key businesses were sold by the exchange, including FTX Europe and FTX Japan. Future and options platform LedgerX was also available. Embed is a stock-clearing platform.

According to a filing, bankruptcy judge Dorsey gave permission for FTX to sell the businesses on Thursday. This sale will be handled by Perella Weinberg, an investment bank. These funds will be used for the repayment of customers and creditors.

The court also ordered that bids must be received by the parties interested between January 18 and February 1, 2023.

There are 117 parties interested in purchasing the units of businesses

Perella Weinberg mentioned that 117 people, some of which are financial and strategic counterparts, expressed an interest in acquiring one or more FTX businesses in a court filing.

Embed is being considered by 50 interested parties, while LedgerX has attracted 56 interest from 56. 40 interested parties are looking at FTX Europe as the local exchange while 41 have shown interest in FTX Japanese. Some of the parties to which the now bankrupt company has entered into confidentiality agreements included 59.

The deregulated exchange has already recovered almost $5 billion in crypto. The market could be affected if FTX sells this crypto.

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BeInCrypto reached out to the company and individual concerned in this story for an official statement, but has not heard back.

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