Bitcoin

<ul><li>FTX and its debtors are looking to sell trust assets valued at $744 million to facilitate creditor payments.</li><li>The sale includes $691 million in Grayscale Trusts and a $53 million Bitwise-managed trust, with a court decision pending.</li><li>Sam Bankman-Fried, founder of FTX, has been convicted of fraud, with potential sentencing in March 2024.</li></ul>FTX, the now bankrupt cryptocurrency exchange, is <a href="https://restructuring.ra.kroll.com/ftx/Home-DocketInfo" rel="noopener noreferrer nofollow">seeking court approval</a> to sell assets worth approximately $744 million. The exchange, alongside its debtors, has petitioned the U.S. Bankruptcy Court in Delaware to authorize the sale of trust assets. The filing underscores the debtors&#39; strategy to capitalize on favorable market conditions to optimize the sale outcome.The assets targeted for sale include investments in five <a href="https://cryptotale.org/grayscale-bitcoin-trust-falls-as-the-ftx-turmoil-hit-sister-company-genesis/" rel="noopener noreferrer nofollow">Grayscale Trusts</a>, collectively valued at $691 million. Additionally, a trust managed by Bitwise is on the list, with a market valuation of approximately $53 million as of October 25, 2023.The filing further elaborated on the debtors&#39; rationale, emphasizing the mitigation of price volatility risks as a means to preserve and maximize the trust assets&#39; value. This, in turn, is aimed at ensuring a maximized return to the creditors and an equitable distribution of funds as part of the reorganization plan.To facilitate this process, the debtors propose the formation of a pricing committee to represent all stakeholders&#39; interests. Moreover, they stipulate that the appointed investment adviser must secure a minimum of two competing bids before proceeding with any asset sales. The court&#39;s decision on the approval of the proposed asset sales remains pending. The outcome is poised to significantly impact the creditor reimbursement process in the ongoing FTX bankruptcy case.Read full article at<a href="https://cryptotale.org/ftx-aims-for-court-go-ahead-on-744-million-asset-sale-amid-bankruptcy/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

FTX Aims for Court Go-Ahead on $744 Million Asset Sale Amid Bankruptcy

CryptoTale

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