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FTX Granted Permission by Bankruptcy Judge to Sell LedgerX and Japanese Units

13 January 2023
in Latest News, News
Reading Time: 3 mins read
104 4
Home News Latest News

According to a report on Thursday, a Delaware bankruptcy judge ruled that the now-bankrupt FTX crypto exchange could proceed with the sale of four critical units. These units include the derivatives arm LedgerX, the stock-clearing platform Embed, the European unit, and the Japanese unit.

The investment bank Perella Weinberg has been given the green light to proceed with the sell-offs, which have already generated significant interest from potential buyers. It has been reported that as many as 117 expressions of interest have been received for these units.

The judge’s order also sets out a timeline for the sale process, with sale notices to be published within three business days. The three-day time frame will give potential buyers ample time to review the details of the units being sold and prepare their indications of interest. 

Expressions of interest for Embed will be received from January 18, and FTX Europe and Japan will be accepted from February 1.

The derivatives arm LedgerX and the stock-clearing platform Embed are considered the most valuable assets among the four units being sold. LedgerX is a leading player in the derivatives market, offering a wide range of products and services highly sought after by institutional investors. 

On the other hand, Embed is a robust platform that can help streamline clearing and settling trades, making it a valuable asset for any financial institution.

On November 11, 2022, Sam Bankman-Fried’s crypto enterprise, FTX, filed for bankruptcy. This surprised many in the industry as the company had been widely considered one of the most successful and innovative crypto exchanges. 

The bankruptcy filing followed shortly after a report scrutinized the integrity of FTX trading arm Alameda Research’s balance sheet, raising questions about the company’s financial health.

Nonetheless, the approval of these measures by Judge John Dorsey is a positive development for the wind-up of the FTX exchange. It allows the process to proceed orderly and efficiently while creating opportunities for other companies to acquire valuable assets and expand their operations.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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