FTX has received permission by the court to sell off some of its assets in order to repay creditors, including CFTC-regulated derivatives exchange LedgerX LLC, the equities-trading platform Embed Technologies, FTX Japan Holdings, and FTX Europe.
The four independent subsidiaries can start the auction processes in the coming days.
According to the court filings, investment bank Perella Weinberg is going to begin the sale process. Non-binding preliminary bids for Ember must be submitted by 18 January, for LedgerX, by 25 January, and 1 February for both FTX Japan and FTX Europe.
Court filings reveal around 117 interested parties have lined up for FTX’s subsidiaries.
The collapsed crypto exchange’s lawyers sought after the sale of the assets earlier in December citing loss of value. Cypriot regulator CySEC suspended the FTX Europe’s license and FTX Japan’s operations were suspended.
It recently came to light that FTX’s liquidators have recovered around $5 billion in cash, cryptocurrencies, and liquid investments in securities.
Meanwhile, founder and former CEO of FTX, Sam Bankman-Fried, has pleaded “not guilty” to criminal charges brought up against him, while former CEO of Alameda Research, Caroline Ellison, and former CTO of FTX Trading Ltd., Zixiao (Gary) Wang, have already pleaded guilty to defrauding investors.
