Statement from FTX’s New Management: The Company’s Assets Started to Be Detected!

FTX, with the involvement of New York-based financial services firm Perella Weinberg Partners LP (PWP) as chief investment bank, cryptocurrency began reviewing its global assets as part of its exchange’s Chapter 11 bankruptcy protection proceedings.

Assets of FTX and its 101 Subsidiary to Be Detected

In a statement made today by FTX, it was stated that the assignment of PWP is subject to court approval. If approved, PWP will lead the asset review of FTX.com and 101 subsidiaries, which together will be considered debtors of FTX.

This asset review may ultimately lead to the reorganization or sale of certain trading rights held by FTX and its affiliates.

The company’s new CEO, John J. Ray, announced that the asset review has continued throughout the past week. “We are pleased to learn that many of FTX’s regulated or licensed subsidiaries in and outside the United States have solid balance sheets, responsible management and valuable franchises,” Ray said.

Ray was appointed CEO of FTX after the collapsed crypto exchange filed for bankruptcy. Shortly after the new CEO took over the firm, he criticized the previous management of the company, led by founder Sam Bankman-Fried.

At the time, Ray had criticized the previous administration for what he described as a “complete failure of corporate controls.” Ray’s comments were the latest in a long string of questionable behavior exposed regarding ongoing dubious deals at the crypto exchange and its sister firm, Alameda Research.

The stated goal for Ray and new management will be to preserve the value of franchise assets during this period.

“As we continue to work with and with these subsidiaries in the coming weeks, it will be our priority to investigate related sales, recapitalizations or other strategic transactions,” said Ray, urging all parties to be patient as the process continues.

*Not investment advice.