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FTX Customers File a Limited Objection to FTX’s Plans to Sell Its Subsidiaries

FTX Customers File a Limited Objection to FTX’s Plans to Sell Its Subsidiaries

A group of FTX customers aim to serve as "consulting professionals" during the sale process of four independent subsidiaries.

The Ad Hoc Committee, a group of 18 non-US bankrupt cryptocurrency exchange FTX customers, filed a limited objection to FTX’s plans to sell four independent subsidiaries.

According to the filing documents, the Ad Hoc Committee claimed that it should be included in the FTX subsidiary bidding process as "consulting professionals" representing customer interests.

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The Ad Hoc Committee does not seek to stand in the way of value-maximizing transactions that the Debtors may pursue, so long as the interests of FTX.com customers are protected.

In the filing, the Ad Hoc Committee stated that it had filed another complaint seeking the court's declaration that assets “deposited, held, received, or acquired on the FTX.com platform” belong to customers.

The group highlighted that although the complaint remains pending, publicly, FTX, the Securities and Exchange Commission and the Commodity Futures Trading Commission assured that customer assets held on FTX.com are the property of customers.

Moreover, the group of FTX customers raised concerns that “misappropriated customer funds” may have been used to purchase and manage several FTX-related companies.

In the limited objection, the Ad Hoc Committee argued that there is a “lack of information regarding the sale of the businesses” and whether the sale of these businesses would impact the “potential restart” of FTX.

A Twitter user, dubbed FTX Creditor, was surprised about the Ad Hoc Committee mentioning the “potential restart” of FTX. The Twitter user emphasized that it was the first time someone mentioned such a possibility. 

On December 15th, FTX filed a motion to the United States Bankruptcy Court for the District of Delaware, asking for the court’s permission to sell FTX Japan, FTX Europe, derivatives exchange LedgerX and Embed Technologies.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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