Court pending bankruptcy proceedings FTX’s LedgerX, Embed, FTX Japan and Europe approved the sale of four important units, including
Court Allows FTX to Sell Japanese and European Subsidiaries
Under the most recent bankruptcy filing, FTX has been given permission to sell its derivatives arm and stock clearing firm Embed and all four of its key units, including FTX Japan and Europe. The court was hearing the bankruptcy case in the Delaware county on Thursday.
FTX cryptocurrency Judge John Dorsey, tasked with overseeing the liquidation of the stock exchange, approved the measures in an order Thursday. Sales notices will be posted within three business days.
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Also, interest statements for FTX Europe and Japan and Embed must be submitted between February 1 and January 18, respectively.
Could Bankman-Fried’s Family Be Part of FTX Sales?
Given the Justice Department’s concerns, they will be excluded from the sale, as there are significant allegations of misconduct involving former top executives and their families.
FTX filed for bankruptcy in U.S. Court on November 11, 2022. Sam Bankman-Fried, founder and former CEO of FTX, faced different charges by the SEC for financial crimes including fraud, money laundering and violating campaign laws.
However, while Bankman-Fried pleaded not guilty, two members of his inner circle, Caroline Ellison and Gary Wang, pleaded guilty and began collaborating with US prosecutors.
*Not investment advice.