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Cryptocurrencies: 25239
Markets: 99694
Market Cap: $3,174,681,173,301     
24h Vol: $125,347,783,008
Seeking Alpha 2023-01-13 16:23:32

Bankruptcy judge OKs FTX's sale of key units to recover lost funds

Bankruptcy judge OKs FTX's sale of key units to recover lost funds
A Delaware bankruptcy judge reportedly gave FTX ( FTT-USD ) the green light earlier this week to start offloading its four affiliates, including Embed, LedgerX, FTX Europe, and FTX Japan, as the collapsed cryptocurrency exchange seeks to raise funds for its customers. That said, investment bank Perella Weinberg Partners ( NASDAQ: PWP ) can now start the process of selling the four FTX affiliates, which were said to have attracted some 117 interested buyers. A sale transaction won't occur until bids, an auction and a sales hearing take hold, CoinDesk reported, citing the Thursday ruling . On Wednesday, FTX said it expects that scheduling auctions in February or March would result in additional bids. In the midst of FTX's liquidity crisis late last year, FTX Japan had been ordered by a financial regulator to suspend its business operations .
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