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Saturday, September 23, 2023

FTX will launch a global asset strategy review

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FTX, the bankrupt world’s second largest cryptocurrency exchange, issued a statement earlier (11/19) , announcing that in response to the Chapter 11 bankruptcy process, it will initiate a “strategic review of global assets” in order to maximize recoverability asset information.

According to the FTX bankruptcy court documents , due to previous serious gaps in FTX’s chaotic financial accounting records, FTX Trading Ltd. (FTX.com) and its subsidiaries have been unable to collect a complete “foreign supplier list” and corresponding claims amount.

For this reason, the new FTX CEO John Ray III finally announced good news, saying:

“Based on our review over the past week, we are pleased to learn that many of FTX’s regulated or licensed subsidiaries, both inside and outside the United States, have solvent balance sheets, responsible management and valuable franchises. Franchise”

It said that the priority of the next few weeks is to explore the relevant information of FTX’s subsidiaries all over the world, so as to determine the details of other subsidiaries’ related sales, capital restructuring, or other strategic transactions:

“Some subsidiaries — such as LedgerX LLC and Embed Clearing LLC — are not debtors in Chapter 11 bankruptcy cases.

Other subsidiaries such as FTX Japan KK, Quoine Pte. Ltd, FTX Turkey Teknoloji Ve Ticaret A.Ş, FTX EU Ltd, FTX Exchange FZE and Zubr Exchange Ltd are all outsiders. “

Ray stated that he has instructed the FTX debtor team to give priority to retaining the value of the “franchise (license)” under today’s difficult circumstances, and expects all employees, cooperative companies, customers, government agencies and government stakeholders to wait patiently for this Team’s review:

“Because of FTX’s corporate governance failures, which previously prevented us from making pre-arrangements before filing for Chapter 11 bankruptcy

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