{"id":86175,"date":"2023-10-25T10:37:48","date_gmt":"2023-10-25T07:37:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86175"},"modified":"2025-09-13T03:49:43","modified_gmt":"2025-09-13T00:49:43","slug":"ftx-weighs-three-bids-to-restart-the-platform","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-weighs-three-bids-to-restart-the-platform\/","title":{"rendered":"FTX weighs three bids to restart the platform"},"content":{"rendered":"

FTX is weighing whether to reorganize the crypto exchange with a partner, on its own, or to find a buyer. Lawyers for the platform, which is proceeding through bankruptcy proceedings<\/a>, told the judge, Bloomberg<\/a> reports.<\/p>\n

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“I now know that there are at least three parties interested in buying the asset, the platform,”<\/em> said the latter.<\/p>\n<\/blockquote>\n

According to Kevin Coffey, a partner at Perella Weinberg Partners who is overseeing the process, an initial offer for the company could surface on December 16. The exchange is considering multiple options, he added.<\/p>\n

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“We are participating in a daily coordination process with a number of interested parties,”<\/em> the specialist explained.<\/p>\n<\/blockquote>\n

There is also discussion about whether to retain redacted personal information about users.<\/p>\n

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“Immediate disclosure of the names of institutional debtor clients would undermine value and damage ongoing efforts to monetise their assets,”<\/em> the lawyers said in a September filing.<\/p>\n<\/blockquote>\n

The corresponding list was sealed. Some participants, citing the bankruptcy’s priority, and media outlets asserted that it should be made public, the agency noted.<\/p>\n

The judge approved an order to redact client information for the next 90 days.<\/p>\n

In a March presentation, exchange officials estimated the total shortfall to cover creditors’ claims at $8.7 billion<\/a>, of which about $1.6 billion was in Bitcoin. In June 2023, the platform’s current management team said it had recovered liquid assets totalling about $7 billion<\/a>.<\/p>\n

In May, FTX filed a suit against Genesis seeking the return of $3.9 billion<\/a>. Subsequently, the total claims were pared back to $2 billion. Ultimately, the companies agreed to pay $175 million<\/a> to Alameda Research.<\/p>\n

In July, lawyers sought the return of $71 million<\/a> from charity divisions affiliated with the exchange.<\/p>\n

In September, the court approved Robinhood’s repurchase of its 55 million shares worth $605.7 million<\/a>, which had previously belonged to the platform’s founder, Sam Bankman-Fried.<\/p>\n

In the same month, FTX filed suit against LayerZero demanding the return of $86 million<\/a>.<\/p>\n

Subsequently the exchange lodged claims against employees of its Hong Kong subsidiary for $157.3 million<\/a>.<\/p>\n

In October, creditors’ representatives and the platform’s management approved a plan under which FTX clients could expect $9.2 billion by mid-2024<\/a>. The arrangements require court approval. Management at FTX must file the corresponding application by December 16.<\/p>\n

Recently, the value of the claims against the exchange reached 52 cents on the dollar<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX is weighing whether to reorganize the crypto exchange with a partner, on its own, or to find a buyer, according to the platform’s lawyers.<\/p>\n","protected":false},"author":1,"featured_media":86176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1236],"class_list":["post-86175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=86175"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86175\/revisions"}],"predecessor-version":[{"id":86177,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86175\/revisions\/86177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/86176"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=86175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=86175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=86175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}