Breaking: FTX All Set To Sell Its Key Units

Bankruptcy Judge Gives Clearance To Sell FTX Key Units

January 13, 2023 Story: Divya Sinha

A Delaware bankruptcy judge ruled on Thursday, that FTX can sell four key units, including derivatives arm LedgerX and stock-clearing platform Embed.

[{"selector":"#anim-2ca4fba5-f560-42e8-a668-0949d6939c4f","keyframes":{"transform":["translate3d(-97.24771%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e2ba8df7-e9a7-4251-823c-48a970e25a56","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2c969bf2-6164-43e7-8432-c29e2d69bdd3","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

As per the orders, investment bank Perella Weinberg is now allowed to proceed with the sell-offs.

[{"selector":"#anim-1732e8d4-a445-4969-b60f-2948e758d57b","keyframes":{"transform":["translate3d(-89.55555%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4f3a87a8-5950-463f-a452-d877993998b5","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3fa3910c-9c5c-4479-94a5-dffcbc9713a2","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

According to court filings, 117 parties have expressed interest in purchasing one or more of FTX's independently operating subsidiaries, including FTX Japan, FTX Europe, LedgerX and Embed.

[{"selector":"#anim-66f33c7c-e572-4716-93b5-c439b29a9188","keyframes":{"transform":["translate3d(-91.29412%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-34818ebb-ff5e-4c20-9bed-c48501f4c6ff","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-14281960-32ce-468b-b685-99163a575d9b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Judge John Dorsey approved the action in an order Thursday after a hearing on Wednesday.

[{"selector":"#anim-c2c4df9b-b8d4-44ec-9ad3-9f8792649cfa","keyframes":{"transform":["translate3d(-95.64315%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3fd2e7ec-ec2a-460b-95c1-6fee43091459","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-803d0712-597d-456c-ad1b-0ee9384b497c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-c824c78e-606e-4daf-8f08-aed96005ecc0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(62.52343727259366%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Sale announcements are to be released within 3 business days with indications of interest that will be received between January 18th for Embed and February 1st for FTX Europe and Japan.

[{"selector":"#anim-0ca6d2a7-6fa0-4143-b462-1348b796d4a3","keyframes":{"transform":["translate3d(-89.24485%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3abbc2fa-b0a7-45a8-bce7-3d5992d8aa2d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c8a42d3c-b43d-4e53-aca5-e97db6e4d218","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

As per previous reports, FTX’s New CEO John J. Ray III and his advisers have combed through the company's books for cash, cryptocurrencies, and assets that could be sold to pay back creditors.

[{"selector":"#anim-2fae29a4-660f-463a-ac51-08f2c0541efa","keyframes":{"transform":["translate3d(-89.78261%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67b3cf0d-8d7a-4c3c-8504-fcc132383eb0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9ac3084e-a4e3-45f4-9fd7-3bf60f16dcb9","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Recent reports show FTX is said to have recovered $5 billion in cash and liquid cryptocurrencies.

[{"selector":"#anim-b3015f96-d935-4b33-9309-30478b9ab1bf","keyframes":{"transform":["translate3d(-89.78261%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b25b235c-a900-4c9b-91f1-4916afe2c27d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-44f24791-6e1e-4b92-bf5d-6d988a5a74fa","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-a84738d4-3563-44da-b27e-7cc3e5b6ada3","keyframes":[{"offset":0,"transform":"translate3d(0, -450.35854%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -126.640821448%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -43.054276424%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -16.167871586%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -7.025593224%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}] Read More Stories