FTX prepares for sale, reorganisation

FTX sought court relief to allow the operation of a new global cash management system and payment to its vendors

BENGALURU:

Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors. The exchange and its affiliates filed for bankruptcy in Delaware on November 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses of billions of dollars. FTX will explore sales, recapitalisation or other strategic transactions for some of its units, the company’s new Chief Executive Officer John Ray said in a statement.

Published in The Express Tribune, November 20^th, 2022.

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