FTX debtors file bidding procedures motion for sale of four businesses
Move comes after FTX founder Sam Bankman-Fried was arrested on fraud charges Monday
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TRM Labs general counsel Sujit Raman says it will be 'very difficult' to 'claw' back the money and funds lost by FTX.
FTX and its affiliated debtors said on Friday the company had filed a motion with the Bankruptcy Court seeking approval of bidding procedures to sell four businesses.
Debtors of the bankrupt cryptocurrency exchange intend to conduct auctions for Embed, LedgerX, FTX Japan and FTX Europe businesses, according to the statement.
An FTX logo and a representation of cryptocurrencies are seen through broken glass in this illustration taken Dec. 13, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters Photos)
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The move comes after FTX founder Sam Bankman-Fried was arrested on fraud charges on Monday.
Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China. A judge in the Bahamas ordered Bankman-Fried held until Feb. 8 despite federal charges against him in the United States. (Lam Yik/Bloomberg via Getty Images / Getty Images)
FTX filed for bankruptcy protection in Delaware in November after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. The collapse has left an estimated 1 million creditors facing losses totaling billions of dollars.
Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken Nov. 10, 2022. (Reuters/Dado Ruvic/Illustration/File Photo / Reuters Photos)
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On Friday, a group of media companies is set to argue to the U.S. judge overseeing the FTX bankruptcy that they should be allowed to request the collapsed crypto/exchange make public the names of its customers.