A judge overseeing the FTX bankruptcy proceedings has given the crypto exchange permission to sell off some of its assets in order to repay creditors. The assets that will be sold include the CFTC-regulated derivatives exchange LedgerX LLC, the equities-trading platform Embed Technologies, FTX Japan Holdings, and FTX Europe.
Investment bank Perella Weinberg has been tasked with beginning the sale process. According to a court filing on January 8, Perella Weinberg partner Kevin Cofsky claimed that around 117 parties had expressed interest in purchasing the assets, and will now have access to information about them as part of their due diligence.
According to the filing, interested parties must submit non-binding preliminary bids for the asset they are interested in acquiring, with a January 18 deadline for Embed, a January 25 deadline for LedgerX, and February 1 deadlines for both FTX Japan and FTX Europe.
Lawyers representing FTX began seeking permission to sell the four entities on December 15, 2022, citing concerns about the potential for value loss. FTX Europe's licenses are currently suspended, and FTX Japan has also been subject to business suspension orders.
To date, FTX has reportedly recovered around $5 billion in cash, cryptocurrencies, and liquid investments in securities, according to FTX lawyer Andy Dietderich. However, the total amount of the customer shortfall remains unclear.
The FTX restructuring team has faced some difficulties as it attempts to navigate some of the firm's more complex investments in DeFi. On-chain data shows that roughly $72,000 in Aave Wrapped BTC was lost, for example, when the team tried to move funds into a multi-sig wallet owned by Alameda Research.
Rumours about the alleged kidnapping of Ledger co-founder Eric Larchevêque have sparked controversy, with reports dismissing them as a hoax due to a lack of evidence or police confirmation. The launch of the “Justice for Eric” meme coin added to the intrigue but quickly collapsed, highlighting the ongoing challenge of misinformation in the blockchain community.
KikyoFalse claims about a US Treasury-linked XRP wallet were spread by influencers, leading to the exposure of a crypto scam. The wallet, initially believed to be tied to major financial institutions, was traced to the Philippines and debunked as fraudulent.
WeatherlyTrump's Empire is a Telegram-based crypto game where players build a business and political empire while earning for a potential airdrop. The game uses Donald Trump's name and likeness but operates without his direct involvement. The key question: will the President endorse it or shut it down?
CatherineStandard Chartered encouraged investors to buy Bitcoin during price dips, projecting it could reach $200,000 by 2025. The bank attributed recent market corrections to regulatory uncertainty but expects institutional investments to drive future growth.
AnaisCrypto executives criticise the $TRUMP and $MELANIA tokens for damaging the industry's reputation and exploiting retail investors. US Representative Gerald Connolly has called for an investigation into Trump’s financial ties to crypto ventures like World Liberty Financial (WLF), warning that his involvement mixes politics with personal profit, exposing investors to high risks.
KikyoMetaMask and Ramp Network now allow users to convert Ethereum from Layer 2 networks directly to fiat, cutting mainnet fees and delays. This simplifies Web3 access and bridges it with traditional finance.
CatherineLinkedIn is facing a lawsuit from Premium users who claim their private messages were shared without consent for AI training. The lawsuit accuses LinkedIn of violating privacy laws and breaching user trust, while LinkedIn denies the allegations.
WeatherlyTaiwan is preparing a new law to integrate cryptocurrency into its economy, allowing banks to issue stablecoins and tightening regulation for crypto service providers. The country aims to attract global investors and become a crypto hub in Asia, with a focus on security and stability.
WeatherlyBinance’s former VC arm is now YZi Labs, the family office of co-founders Yi He and Changpeng Zhao. CZ will actively mentor startups, sparking speculation—could this be his fresh start beyond regulatory hurdles?
CatherineFrench authorities rescued Ledger co-founder David Balland and his wife from a crypto ransom plot after kidnappers severed his finger and sent it as a threat. Media was asked to withhold reporting to protect the rescue, while initial reports misidentified the victim, raising suspicions of deliberate misdirection.
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