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Cryptogambling / FTX to resume operations, court filings reveal

FTX to resume operations, court filings reveal

Publish Date: 12/09/2023
Video: FTX Collapse: Full Impact Has Yet to Be Seen | Bloomberg Crypto

FTX Collapse: Full Impact Has Yet to Be Seen | Bloomberg Crypto

Defunct crypto exchange FTX filed a notice of presentation to stakeholders in the U.S. bankruptcy court in Delaware on Monday, revealing a potential reboot in its operations. Seventy-five anonymous bidders are given until September 24 to decide.

FTX, which filed for bankruptcy in November last year, still possesses roughly $7 billion in assets, including $1.16 billion in Solana (SOL) and $560 million in Bitcoin (BTC). The company has also acquired $1.5 billion in cash in addition to the $1.1 billion it held at the time of the bankruptcy.

Aside from the company’s portfolio, which consists of over 1,300 digital tokens, the filing also revealed that FTX possesses 38 estates in the Bahamas worth around $200 million.

FTX plans to evaluate multiple business aspects such as financial restructuring, amalgamation, takeovers and other efforts aimed at reviving the FTX.com and/or FTX US platforms.

In an interview with the Wall Street Journal, new CEO John Ray III revealed he had established an internal task force to study the possibility.

“Everything is on the table,” Ray said. “If there is a path forward on that, then we will not only explore that, we’ll do it.”

FTX’s collapse

FTX collapsed in November last year following the liquidity crisis of the company’s token, FTT, and the allegation of commingling customer funds via sister company Alameda Research. Prior to the collapse, FTX was the third-largest cryptocurrency exchange by volume, with over one million users.

The collapse of FTX left a lasting impact on the crypto space, with Bitcoin and other prominent currencies plummeting. Several institutional investors canceled their investment stakes, while $473 million in funds were later taken from FTX in an unauthorized transaction. Bankman-Fried’s net worth, estimated at $16 billion, was reported to be wiped off.

FTX, along with Alameda and over 100 affiliated entities, filed for bankruptcy on November 11. Bankman-Fried resigned as the CEO and was replaced by Ray. Bankman-Fried now faces multiple fraud charges, to which he pleaded not guilty. A trial is due to start next month.

New leadership intends to recoup funds

FTX is making an effort to retrieve the assets that allegedly have been mismanaged by Bankman-Fried and other corporate officers. These include funds donated to politicians, philanthropic entities and celebrities, including Shaquille O’Neal and Naomi Osaka. Some organizations, such as the Metropolitan Museum of Art in New York, have agreed to return the donations.

Aside from recovering funds, the fresh administration is trying to petition for approval to liquidate its digital currency assets. Additionally, the company has set in motion a legal pursuit against venture capital firm K5 Global and its founder, Michail Kives, in order to reclaim the calculated $700 million Bankman-Fried invested.

Public reaction

FTX’s FTT token soared more than 35 percent to $2.46 following news the bankrupt exchange may resume operations, according to data from CoinGecko.

The company has asked for approval to sell its cryptocurrency reserves to settle obligations. This has prompted questions among clients about the conceivable effect on SOL’s cost if substantial amounts are sold off.

The bankruptcy plan has limited the amount that can be sold at one time, but people have expressed their concerns regarding the upcoming sale.

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