The collapse of the popular cryptocurrency exchange FTX occurred in November last year. But the history of the trading platform is far from over. The former FTX chief is awaiting trial, and the new managers are trying to save at least some money to return it to investors.
Bankman Fried under the hood
The judge approved a proposal to impose strict control over the mobile phones of Sam Bankman-Freed and his parents while he is under house arrest. In order to make it easier to follow the negotiations and correspondence of the former head of the FTX crypto empire, special software will be installed on his phones. Bankman-Fried and his parents will provide lawyers and the government with a list of the apps they use on their mobile devices. Anonymous messengers (such as Signal) were banned.
In addition, he will use a phone without Internet access and a laptop from which he will be able to visit only authorized sites.
This should prevent Benman-Freed from violating the terms of house arrest. The court had to resort to such desperate methods due to the fact that the prosecutor’s office suspected the former head of FTX in an attempt to contact witnesses and somehow influence their testimony. In addition, he actively used VPN and could not clearly explain why he needed it.
Investors approved the deal
FTX Lenders approved sale of the derivatives trading platform LedgerX to M7 Holdings venture capital company, which is a subsidiary of Miami International Holdings. The deal is expected to bring in about $50 million.
FTX Debtors are pleased to reach an agreement for the sale of LedgerX to MIH. Read details here: https://t.co/wfiJFuFwBw
— FTX (@FTX_Official) April 25, 2023
For the transaction to take place, it is necessary to obtain the approval of the US Bankruptcy Court in the District of Delaware. The court allowed FTX to sell some of its companies in order to raise at least some funds for settlements with creditors. LedgerX, Embed, FTX Japan, FTX Europe and other firms attracted the interest of 117 organizations.
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