FTX is seeking permission to sell off LedgerX, Embed, as well as it’s Japanese and European branches before they lose value and have their licenses revoked.
They also point to the loss of customers and employees the businesses have experienced since FTX filed for bankruptcy on Nov. 11, and believe selling these businesses now would allow the resumption of operations and therefore maximize value to the FTX estate.
The lawyers said these businesses were recently acquired and have been operating relatively independently of FTX, which would make a potential sale process much less complex. Assuming there is more than one potential bidder the auctions for the businesses would start with Embed on Feb. 21 2023, with the other three occurring the following month.FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX and Sam Bankman-Fried
More than 110 parties are said to be interested in purchasing one or more of the 134 companies included in the bankruptcy proceedings, and FTX has already entered into 26 confidentiality agreements with counterparties interested in the businesses or assets of FTX.
FTX wants to sell off parts of its failed crypto empire before they lose too much of their value or have their licenses permanently revoked, arguing it is in the best interests of all stakeholders.
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