FTX Extends Bid Deadline for European and Japanese Subsidiaries: Here’s What You Need To Know
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The bankrupt cryptocurrency exchange FTX has requested an extension of the deadline for bids on its subsidiaries in Europe and Japan. The administrators are working hard to find the funds to pay the creditors.
It’s important to remember that in January 2023, the court gave John Ray, the current CEO of FTX, permission to sell off many of FTX’s subsidiary companies, such as LedgerX, FTX Japan, and FTX Europe, so that the company could pay back its debts.
However, at this moment, the disgraced Sam Bankman-FTX Fried’s has been allowed to extend the bid deadline for the sale of its European and Japanese firms, including LedgerX, FTX Japan, and others. It is also worth mentioning that FTX has asked the United States Bankruptcy Court for the District of Delaware to extend the bid deadline until February 1st.
The FTX Deadline Has Been Extended
As we previously stated, FTX, the Sam Bankman-Fried company, has been granted permission to extend bid deadlines for the sale of its Japanese and European businesses, which include LedgerX, FTX Japan, and others. John Dorsey, a Delaware bankruptcy judge, gave FTX permission last month to list four of its companies for sale to raise funds to pay off some of its debts.
According to a court document filed on February 1, the new deadline for preliminary offers on the exchange’s assets is March 8, 2023. More than 100 companies around the world, including Japan’s Monex Group, are already very interested in this.
John Ray III, the current CEO of FTX, who has so far recovered more than $5 billion in the company’s assets, has suggested that the exchange might make a quick comeback. But for now, such a situation is still quite implausible.
According to the latest update, FTX creditors have asked the United States Bankruptcy Court for the District of Delaware to order members of the Bankman-family Fried to provide the records and information required to support ongoing investigations.
So far, SBF has denied any wrongdoing, and new reports say that the former billionaire is doing everything he can to get access to FTX’s cash, even though the FTX scandal has caused a lot of bad FUD in the web3 area.
Overall, the FTX scandal’s silver lining is that players in the cryptocurrency market are now more aware of the inherent dangers in the field, particularly when it comes to centralized exchanges. In the end, not your money or your keys.
