Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

FTX Customers Filed A Limited Objection To FTX Plans to sell subsidiaries

Admin by Admin
January 6, 2023
in Crypto News
0
FTX Customers Filed A Limited Objection To FTX Plans to sell subsidiaries
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

A group of FTX customers has filed a limited objection to FTX’s plan to sell four independently-operated subsidiaries, arguing that they should be privy to the sales process to ensure customer interests are represented.

While the Ad Hoc Committee does not want to prevent the sales from occurring, it argued it needs to be involved to ensure that customers’ interests are represented.

Customers also shared concerns that misappropriated customer funds may have been used to acquire or keep these firms running.

The limited objection was filed on Dec. 4 by an ad hoc committee of non-U.S. customers, which comprises 18 members who collectively have claims against FTX in excess of $1.9 billion.

In its filing, the committee argued that previous public statements by FTX, the Securities and Exchange Commission, and the Commodity Futures Trading Commission make clear that the customer assets on the platform belonged to customers and not FTX.

The committee has asked the judge to allow them to serve as consulting professionals so that they can ensure customers’ interests are represented throughout the bidding process.

The Ad Hoc Committee does not seek to stand in the way of value-maximizing transactions that the Debtors may pursue, so long as the interests of FTX.com customers are protected.

Under the proposed bid procedures, only consulting professionals will be able to attend the auction and consult with FTX on matters relating to the sale process, and the committee notes that the consultation parties have no control of the process outside of being able to provide counsel.

On Dec. 15, FTX asked the bankruptcy court to allow them to sell off its European and Japanese branches, in addition to the derivatives exchange LedgerX and stock-clearing platform Embed.

LedgerX in particular has been hailed as a success story during the bankruptcy proceedings, with Commodity Futures Trading Commission Chairman Rostin Behnam noting that the firm had essentially been walled off from other companies within FTX Group, and held more cash than all the other FTX debtor entities combined.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: CryptoFTXFTX customers
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Stocks Fall After Strong Labor Market Data

Next Post

Genesis Cuts Staff By 30% As Financial Woes From FTX Fallout Persist

Admin

Admin

Next Post
Crypto Lender Genesis Filed For Bankruptcy Amid Troubles

Genesis Cuts Staff By 30% As Financial Woes From FTX Fallout Persist

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023
CFTC Pushes For Additional Crypto Acquisition Reviews

CFTC Pushes For Additional Crypto Acquisition Reviews

January 27, 2023
SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

January 27, 2023

Recent News

Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023
CFTC Pushes For Additional Crypto Acquisition Reviews

CFTC Pushes For Additional Crypto Acquisition Reviews

January 27, 2023
SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

January 27, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>