The exchange claimed that if the requested judicial remedy was not granted, its businesses would suffer “immediate and irreparable loss.”
destroyed exchange for cryptocurrencies FTX announced on Saturday that it has begun a strategic examination of its global assets and was preparing to sell or restructure some businesses. The operation of a new global cash management system and the payment of its essential vendors were also requested by FTX and approximately 101 related companies, who also asked the court to issue an order. On November 1, the exchange and its affiliates declared bankruptcy in Delaware.
11 in one of the most well-known crypto meltdowns, resulting in losses of billions of dollars for an estimated 1 million clients and other investors. According to a statement from the company’s new CEO John Ray, FTX would look into sales, recapitalizations, or other strategic transactions for certain of its businesses. In a court document filed on Saturday, FTX requested authorization to pay prepetition claims of up to $17.5 million after the entry of the final decision and up to $9.3 million after an interim order to its essential vendors.
The exchange said that if the desired court remedy was not granted, its businesses would suffer “immediate and irreparable harm.” According to Ray of FTX, “We are pleased to note that many of FTX’s regulated or licensed companies, both inside and outside of the United States, have stable balance sheets, competent management, and substantial franchises based on our examination over the previous week. FTX had discovered 216 debtor bank accounts with positive balances as of November.
16, but has so far only been able to confirm the balances in 144 accounts, the business claimed in a different court document.
