Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bankrupt Crypto Exchange FTX Seeks Court Approval to Sell $744 Million in Assets

Bankrupt Crypto Exchange FTX Seeks Court Approval to Sell $744 Million in Assets

CointimeCointime2023/11/07 20:51
By:Cointime

FTX, a bankrupt crypto exchange, has requested permission from a judge to sell off its Grayscale and Bitwise assets, worth a total of $744 million, through an investment adviser. The move is aimed at protecting the company against potential downward price swings in the trust assets, maximizing the value of the debtors' estates, and allowing for forthcoming dollarized distributions to creditors. The trust assets include holdings of five different Grayscale Trusts valued at $691 million and holdings of a Bitwise-managed trust valued at $53 million. FTX filed for bankruptcy in November 2022 following accusations of mismanagement of funds by its CEO, Sam Bankman-Fried.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Web3 Watch: FIFA officially licenses blockchain-based mobile game

Plus, Suntory Group tokenizes Premium Malt’s beer on Avalanche

Blockworks2024/11/24 01:33