Cryptocurrency | FTX launches asset review for restructuring

(New York) The new head of bankrupt cryptocurrency exchange FTX said Saturday it has launched a strategic review of the group’s assets to decide what to sell or reorganize.


“Based on what we have observed over the past week, we are pleased to learn that many of FTX’s regulated or authorized affiliates, both in the US and outside the US, have solvent balance sheets, responsible management and valuable franchises,” John Ray III said in a statement. statement.

He added, “One of our priorities in the coming weeks will be to explore the possibility of selling, recapitalizing or initiating other transactions to these subsidiaries and others that we are likely to identify as our work continues.”

Being one of the leading cryptocurrency exchanges in the world, FTX was suddenly unable to return the funds it deposited there to its customers in early November. The group declared bankruptcy on November 11 as well as the resignation of its founder and chairman, Sam Bankman-Fried.

In a domino effect, several other cryptocurrency exchanges have had to suspend some withdrawals in recent days due to their ties to FTX.

Mr. Bankman-Fried was replaced by Mr. Ray, who notably oversaw the bankruptcy of former US energy giant Enron in the early 2000s.

This dernier a fustige plus tôt dans la semaine la gestion calamiteuse de M. Bankman-Fried, estimant n’avoir « jamais vu un échec also complete des mecanismes de controle d’une entreprise et une also absence flagrante d’informations financières fiables » dans his career.

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The first hearing before a Delaware bankruptcy judge is scheduled for Tuesday.

In particular, FTX requested permission to create a new system for managing funds and paying certain service providers whose services are essential to the proper functioning of FTX.

On Saturday, Mr Ray called on employees, suppliers, customers, regulators and governments to “be patient” with the company while the restructuring goes through.

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