FTX begins strategic review of global assets

Collapsed crypto exchange FTX said yesterday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. FTX and about 101 affiliated firms also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors.

The exchange and its affiliates filed for bankruptcy in Delaware on November 11 in one of the highest-profile crypto blowups, leaving an estimated one million customers and other investors facing total losses in the billions of dollars. FTX will explore sales, recapitalisations or other strategic transactions for some of its units, the company’s new Chief Executive officer John Ray said in a statement. In a court filing yesterday, FTX asked permission to pay prepetition claims of up to $9.3 million to its critical vendors.