Key Points:
The FTX debtors requested a sale approval from the U.S. bankruptcy court in Delaware for the sale of trust assets. These assets, valued at around $744 million, include funds from Grayscale and Bitwise. The purpose of these proposed sales is to prepare for monetary distributions to creditors and enable prompt execution of the sales. This approach reduces costs and delays associated with separate motions, allowing for multiple sales to one or more buyers.
FTX, once one of the world’s largest cryptocurrency exchanges, declared bankruptcy following reports of misappropriation of customer funds. The founder of FTX, Sam Bankman-Fried, has been found guilty of defrauding customers and lenders. The sentencing is tentatively scheduled for March 28, 2024, with experts suggesting a realistic range of 15 to 20 years in prison.
The trust assets primarily consist of five Grayscale Trusts worth approximately $691 million and one trust managed by Bitwise worth $53 million. These trusts provide investors exposure to digital assets without direct ownership. The sale of trust assets aims to proactively mitigate risks associated with price fluctuations and safeguard their value. This approach maximizes returns for creditors and promotes an equitable distribution of funds in the debtor’s plan of reorganization.
To ensure transparency, the debtors propose establishing a pricing committee with representation from all stakeholders. An investment adviser will obtain a minimum of two bids from different counterparties before proceeding with the sale of assets.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Alexey Pertsev, a developer of the coin-mixing protocol Tornado Cash, has sent shockwaves through the…
Justin Ðrake, a prominent figure within the Ethereum Foundation, revealed that three staff members have…
The debate over cryptocurrency regulation in India has reached a critical juncture as the Securities…
Many investors are eyeing smaller cryptocurrencies for their potentially high returns. This article explores a…
RCO Finance (RCOF) actively uses AI to promote the wider acceptance of cryptocurrencies within mainstream…
London authorities detain pump.fun attacker, possibly identified as Jarett Reginald Dunn.
This website uses cookies.