Cointime

Cointime

Download App
iOS & Android

Bankrupt FTX Seeks Court Approval to Sell FTX Japan, FTX Europe, Embed and LedgerX

Validated Media

FTX’s image might have been irreversibly damaged after its collapse in November and the eventual arrest of its founder and former CEO, Sam Bankman-Fried, in the Bahamas earlier this week.

The depreciating reputation of the company could harm the many businesses it owns. Therefore, lawyers representing the company have requested the US bankruptcy court for the District of Delaware to allow the sale of four solvent business units before they lose additional value due to being non-operational.

FTX’s lawyers from law firm Sullivan and Cromwell have filed a motion to begin the sale process of four FTX subsidiaries: FTX Japan, FTX Europe, the digital currency derivatives platform LedgerX and the stock trading service Embed.

FTX Japan, FTX Europe, LedgerX and Embed Could Get Their Licenses Revoked

In addition, FTX’s lawyers pointed out that the four businesses remain registered and regulated in various jurisdictions. Embed is registered with the US Securities Exchange Commission; the Commodity Futures Trading Commission regulates LedgerX; FTX Japan is registered with the Financial Services Agency of Japan, and FTX Europe holds a license (currently suspended) as an investment firm allowing it to provide its services in the European Union member states.

‘The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses,’ said the lawyers.

Selling and Restarting the Businesses Could Benefit the Debtors’ Estates

Furthermore, the lawyers argued that if the four FTX businesses were sold, there was a greater chance of them restarting operations and maximising ‘the value of the Businesses to the Debtors’ estates.’

All four companies were also recently acquired by FTX and have generally existed as independent units separate from the debtors in operations, holdings and investments.

‘The relative independence of each of the Businesses’ operations from the remainder of the Debtors’ core business operations make a potential sale process for each of the Businesses relatively less complex,’ the request explained.

Important Dates for the Sale Proposal

Individuals or entities wishing to object to the proposal to sell the four FTX companies have until December 29th to have their opinions heard. A hearing for considering the sales is scheduled for January 11th, 2023.

(By John P. Njui)

Related News: 

FTX News: US DOJ Appoints Creditor’s Committee, SBF Files New Bail Request

Top U.S. Rep Makes Shocking Claims, Says SEC Arrested SBF to Stop Congressional Hearing

SBF’s Bahamian Prison Reported for ‘Harsh’ Conditions and ‘Degrading Treatment’

Bahamian Government Officials Allegedly Asked SBF to Mint Millions of Dollars in New Tokens

SEC Charges FTX CEO SBF for Defrauding Investors a Day After His Arrest

FTX's Bahamas Liquidators Seek to Exclude Over $200M Worth of Luxury Properties From Liquidation

What Media Has Sam Bankman-Fried Invested in Other Than The Block? Here Is a List

FTX Token FTX Token $0.61
-4.02%
FTX FTX Japan
Comments

All Comments

Recommended for you

  • American Bitcoin's Bitcoin reserves have increased by approximately 623 BTC in the past 7 days, bringing its current holdings to 4941 BTC.

    Emmett Gallic, a blockchain analyst who previously disclosed and analyzed the "1011 insider whale," posted on the X platform revealing updated data on the Bitcoin reserves of American Bitcoin, a crypto mining company supported by the Trump family. In the past seven days, they increased their holdings by about 623 BTC, of which approximately 80 BTC came from mining income and 542 BTC from strategic acquisitions in the open market. Currently, their total Bitcoin holdings have risen to 4,941 BTC, with a current market value of about 450 million USD.

  • The US spot Ethereum ETF saw a net outflow of $19.4 million yesterday.

    according to TraderT monitoring, the US spot Ethereum ETF had a net outflow of 19.4 million USD yesterday.

  • Listed companies, governments, ETFs, and exchanges collectively hold 5.94 million Bitcoins, representing 29.8% of the circulating supply.

    Glassnode analyzed the holdings of major types of Bitcoin holders as follows: Listed companies: about 1.07 million bitcoins, government agencies: about 620,000 bitcoins, US spot ETFs: about 1.31 million bitcoins, exchanges: about 2.94 million bitcoins. These institutions collectively hold about 5.94 million bitcoins, accounting for approximately 29.8% of the circulating supply, highlighting the trend of liquidity increasingly concentrating in institutions and custodians.

  • The Bank of Japan is reportedly planning further interest rate hikes; some officials believe the neutral interest rate will be higher than 1%.

    according to insiders, Bank of Japan officials believe that before the current rate hike cycle ends, interest rates are likely to rise above 0.75%, indicating that there may be more rate hikes after next week's increase. These insiders said that officials believe that even if rates rise to 0.75%, the Bank of Japan has not yet reached the neutral interest rate level. Some officials already consider 1% to still be below the neutral interest rate level. Insiders stated that even if the Bank of Japan updates its neutral rate estimates based on the latest data, it currently does not believe that this range will significantly narrow. Currently, the Bank of Japan's estimate for the nominal neutral interest rate range is about 1% to 2.5%. Insiders said that Bank of Japan officials also believe there may be errors in the upper and lower limits of this range itself. (Golden Ten)

  • OKX: Platform users can earn up to 4.10% annualized return by holding USDG.

    According to the official announcement, from 00:00 on December 11, 2025 to 00:00 on January 11, 2026 (UTC+8), users holding USDG in their OKX funding, trading, and lending accounts can automatically earn an annualized yield of up to 4.10% provided by the OKX platform, with the ability to withdraw or use it at any time, allowing both trading and wealth management simultaneously. Users can check their earnings anytime through the OKX APP (version 6.136.10 and above) - Assets - by clicking on USDG. Moving forward, the platform will continue to expand the application of USDG in more trading and wealth management scenarios.

  • The Federal Reserve will begin its Reserve Management Purchase (RMP) program today, purchasing $40 billion in Treasury bonds per month.

     according to the Federal Reserve Open Market Committee's decision on December 10, the Federal Reserve will start implementing the Reserve Management Purchase (RMP) program from December 12, purchasing a total of $40 billion in short-term Treasury securities in the secondary market.

  • Bitcoin treasury company Strategy's daily transaction volume has now surpassed that of payment giant Visa.

    according to market sources: the daily trading volume of Bitcoin treasury company Strategy (MSTR) has now surpassed the payment giant Visa.

  • The US spot Bitcoin ETF saw a net outflow of $78.35 million yesterday.

    according to Trader T's monitoring, the US spot Bitcoin ETF had a net outflow of $78.35 million yesterday.

  • JPMorgan Chase issues Galaxy short-term bonds on Solana network

     JPMorgan arranged and created, distributed, and settled a short-term bond on the Solana blockchain for Galaxy Digital Holdings LP, as part of efforts to enhance financial market efficiency using underlying cryptocurrency technology.

  • HSBC expects the Federal Reserve to refrain from cutting interest rates for the next two years.

    HSBC Securities predicts the Federal Reserve will maintain interest rates stable at the 3.5%-3.75% range set on Wednesday for the next two years. Previously, Federal Reserve policymakers lowered rates by 25 basis points with a split vote. The institution's U.S. economist Ryan Wang pointed out in a report on December 10 that Federal Reserve Chairman Jerome Powell was "open to the question of whether and when to further cut rates at next year's FOMC press conference." "We believe the FOMC will keep the federal funds rate target range unchanged at 3.50%-3.75% throughout 2026 and 2027, but as the economy evolves, as in the past, it is always necessary to pay close attention to the significant two-way risks facing this outlook."

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company