When it comes to the cryptocurrency world, the downs can be as quick as the ups. We’ve recently seen the FTX group of businesses facing some difficult times, and though it’s an unfortunate event, the company is taking steps to help pay back its creditors.
FTX recently extended the timeframe for bids for its Japan and Europe operations. The initial bid submission deadline is now on March 8th, with the auction date set for April 26th. Administrators put several FTX units on the block, including LedgerX, the company’s exchanges in Japan and Singapore, and their European digital assets and derivatives businesses.
The silver lining here is that the Japanese operation was able to separate client funds and is now looking to return these assets to customers by the end of this month. Even with a potential change in ownership, Japan’s Financial Services Agency has indicated that the division won’t lose its licenses.
The bankrupt FTX group of cryptocurrency companies extends the deadlines to bid for its Japan and Europe businesses as administrators strive to raise funds to help pay back creditors https://t.co/7GW8o8ORvW
— Bloomberg (@business) February 2, 2023
The Story Of FTX Collapse!
It’s been the biggest fraud story of the year- the US formally accuses Sam Bankman-Fried of presiding over the FTX Exchange’s collapse into bankruptcy. Bankman-Fried has entered a plea of not guilty to the criminal charges; he’s now set to stand trial.
The FTX fall-out shows no signs of abating, however, as more than a hundred companies have expressed interest in the different business parts of the Exchange. Most recently, Tokyo-based online broker Monex Group Inc. declared its interest in FTX Japan.
However, for bankruptcy, the court must approve any deals that arise from these interests – making the future of FTX and its many parts still muddled. It’s been a roller coaster ride for FTX and its stakeholders; from starting out as a promising crypto exchange touted by well-known investors to its notorious undoing last year.