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FTX's Bahamas Wing Reaches Agreement With U.S. Bankruptcy Team, Streamlining Future Actions
This deal will pave the way for assets to be pooled and distributed to FTX.com customers.
Updated Mar 8, 2024, 6:53 p.m. Published Dec 19, 2023, 4:18 p.m.
The liquidators of failed crypto exchange FTX's Bahamas unit reached an agreement with the U.S. bankruptcy team that paves the way for assets to be pooled and redistributed to FTX.com's customers worldwide.
The deal between FTX Digital Markets, the Bahamas unit, and FTX Debtors is subject to approvals from the Supreme Court of the Bahamas and the U.S. Bankruptcy Court for the District of Delaware – which the parties will seek soon, according to a press release on Tuesday.
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Once the courts have agreed, FTX Digital Markets will take the lead in the realization of real estate and other assets in the Bahamas and FTX Debtors will take the operational lead in "all other recovery activities including any sale transaction involving the FTX.com exchange and realisation of intellectual property."
The Bahamas unit allegedly commingled client and corporate funds in such a way that it may not be "possible to clearly identify sums that constitute client monies as opposed to general corporate funds," according to a February report.
The collapse of FTX and its affiliates sent shockwaves across the crypto industry and its founder, Sam Bankman-Fried, was recently found guilty of fraud in a U.S. trial.
Read more: Sam Bankman-Fried Guilty on All 7 Counts in FTX Fraud Trial
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