Court Approves FTX’s Request to Liquidate Trust Assets
A recent court filing has granted FTX, the now-defunct cryptocurrency exchange, approval to liquidate its trust assets, which amount to over $700 million. The filing states that FTX is authorized to execute sales of the trust assets in accordance with certain procedures. These assets must be sold through either over-the-counter (OTC) or on crypto exchanges, and all sales must be reported and recorded in monthly reports delivered to the debtors.
FTX’s Liquidation Plan Gets Court Approval
FTX has been actively selling off assets recently. It was reported that the exchange staked 5.5 million Solana (SOL) tokens. Additionally, a court filing revealed that FTX’s liquidation plan, which includes the sale of $1.16 billion in SOL and approximately $2.5 billion in other crypto assets, was approved by the court.
Hot Take: FTX’s Trust Asset Liquidation Signals Progress Towards Debt Resolution
The approval for FTX to liquidate its trust assets marks a significant step towards resolving the debts of the defunct exchange. By selling off these assets, FTX aims to generate funds that can be used to repay its creditors. The court’s authorization provides a clear path for the liquidation process, outlining the procedures and reporting requirements for the sales. This development brings some hope for debtors who are eagerly awaiting resolution and emphasizes the importance of transparency in handling such cases.
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