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Home Crypto News

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

Admin by Admin
January 6, 2023
in Crypto News
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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.

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