The derivatives exchange LedgerX, the stock-clearing system Embed, and the company's offices in Japan and Europe are all up for sale, and FTX's attorneys are asking a U.S. bankruptcy proceedings for authorization to do so.
The attorneys write in their statement from December 15 that every one of these companies has been subject to regulatory pressure, which “merit[s] an expedited sale process,” adding:
“The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses.”
Although FTX Europe's licensing and services have been halted, FTX Japan's organization is particularly subject to business restriction and rectification orders.
They also point out the decline in clients and personnel the companies have seen since FTX declared bankruptcy on November 11 and contend that selling them now would enable a return to profitability and realize profits for the FTX estate.
The attorneys claimed that because these companies were recently purchased and had been functioning mostly autonomously of FTX, selling them would be a lot simpler procedure.
The 134 companies involved in the bankruptcy procedures are claimed to be attractive to more than 110 parties, and FTX has indeed signed 26 confidential contracts with relevant parties in FTX s enterprises or property.
Particularly as during the FTX bankruptcy process, LedgerX has indeed been lauded as a big success. Rostin Behnam, chairman of the Commodity Futures Trading Commission, stated that the company had largely been “walled off” from those other businesses inside the FTX Collective and “held so much cash than all the other FTX debtor entities combined.”
Before they lose far too much worth or have their license suspended or revoked, FTX wants to liquidate some of its disbanded crypto empire, claiming that doing so is in the best interests of all parties involved.
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