Coinspeaker
Court Allows FTX to Liquidate Its Crypto Holdings
In a major development on Wednesday, September 13, the Delaware Bankruptcy Court gave a nod to bankrupt crypto exchange FTX to proceed with the sale of its $3.4 billion worth of crypto holdings, and further repay its creditors.
During a court hearing, Judge John Dorsey granted approval for the motion and dismissed two objections that had been raised in opposition to the plan. “The sooner we can get this process rolling, the better,” he said.
Last month in August, crypto exchange FTX submitted a filing requesting permission while stating that hedging its crypto assets would “allow the Debtors [FTX] to limit potential downside risk prior to the sale of such bitcoin or ether”. FTX’s lawyers stated that “staking certain digital assets … will inure to the benefit of the estates – and, ultimately, creditors – by generating low-risk returns on their otherwise idle digital assets”.
FTX has received approval to se
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