FTX debtors file bidding procedures motion for sale of four businesses

BENGALURU: FTX and its affiliated debtors said on Friday the company had filed a motion with the Bankruptcy Court seeking approval of bidding procedures to sell four businesses.

Debtors of the bankrupt cryptocurrency exchange intend to conduct auctions for Embed, LedgerX, FTX Japan and FTX Europe businesses, according to the statement.

The move comes after FTX founder Sam Bankman-Fried was arrested on fraud charges on Monday.

FTX filed for bankruptcy protection in Delaware in November after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. The collapse has left an estimated 1 million creditors facing losses totaling billions of dollars.

On Friday, a group of media companies is set to argue to the US judge overseeing the FTX bankruptcy that they should be allowed to request the collapsed crypto exchange make public the names of its customers.