FTX News: Bloomberg, FT, NYT Appeal Court Decision To Redact Customer Names
FTX News: Four media outlets Bloomberg, Dow Jones & Company, The New York Times, and The Financial Times appealed against a bankruptcy judge’s decision to permanently redact customer names of crypto exchange FTX. Meanwhile, debtors and creditors believe keeping customer names secret is critical for bankruptcy reorganization.
Media Outlets Appeal Against Customer Names Redaction
Earlier this month, Bankruptcy Judge John Dorsey ruled that FTX can keep its individual customers’ names secret as it could expose them to identity theft and other scams. Typically, bankrupt companies are required to disclose their creditors and debt amounts they hold, including individual customers, but the US bankruptcy law contains sections preventing details on the basis of risk of identity theft or other injuries.
FTX debtors and creditors argued customers of crypto lender Celsius Network faced scams and identity theft after its customers’ names were revealed.
On Friday, the media outlets filed a notice of appeal in the Delaware Bankruptcy Court to appeal Judge John Dorsey’s ruling to permanently redact FTX customer names from the bankruptcy case. Attorneys for Bloomberg and other media outlets argue FTX bankruptcy is not entitled to disclosure requirements exception.
This is the second time media outlets have asked the court to reveal details of crypto exchange FTX’s 9 million customers and creditors.
Also Read: Bloomberg Analyst Mike McGlone On BlackRock Bitcoin ETF, BTC Price $40K, And Recession
News: Preparation to Relaunch as FTX 2.0
FTX CEO John J. Ray III prepares to restart the crypto exchange as FTX 2., with potential investors such as Tribe Capital, investment bank PWP, and Sequoia Capital. Tribe Capital which invested in the platform prior to the FTX crash is now considering a $250 million capital injection to jump-start the initiative.
FTX Debtors are also working to clawback donations to politicians, as well as gifts and payments to notable personalities, firms, and other individuals.
Meanwhile, FTX founder Sam Bankman-Fried has pleaded not guilty to any charges and is to appear for court proceedings in October.
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