FTX and the authorities handling its bankruptcy case have extended the bid deadline for auctioning the disputed exchange’s Japanese and European businesses to March 8, 2023. The auction will take place on April 26, 2023, if everything goes according to plan.
FTX gets term extension
Disgraced Sam Bankman-Fried’s FTX has received approval for the extension of offer deadlines for the sale of its Japanese and European businesses, which include LedgerX, FTX Japan and others.
Delaware bankruptcy judge John Dorsey authorized FTX to put four of its subsidiaries up for sale last month to raise funds to pay off some of its debtors.
According to a court on February 1 presentationMarch 8, 2023, is now the new deadline for preliminary offers for the assets on the exchange, which has already attracted strong interest from more than 100 entities around the world, including Japan’s Monex Group. If everything goes according to plan, the auction will go ahead. on April 26, 2023.
Notably, John Ray III, the new CEO of FTX, which has so far reclaimed more than $5 billion of the company’s assets, has hinted that the exchange may return. However, such a scenario remains quite unlikely at this point.
As crypto.news recently reported, FTX debtors have petitioned the United States Bankruptcy Court for the District of Delaware to subpoena relatives of Bankman-Fried to turn over necessary records and information to assist in ongoing investigations. .
Despite the serious FUD sparked on the web3 space by the FTX saga, SBF has so far denied any wrongdoing and new reports indicate that the former billionaire is doing everything in his power to regain access to FTX funds.
Overall, the silver lining of the ongoing FTX scandal is that crypto market participants are now more aware of the risks inherent in the space, especially when it comes to centralized exchanges. Not your keys, not your funds after all.
