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FTX Issues Important Warning To Caution Against Bid Solicitation

As bankrupt crypto trading platform FTX Derivatives Exchange gets ready to fulfill its obligations to creditors who were affected by its implosion in 2022, it has issued a warning, notifying the public of its only authorized investment manager.

FTX Confirms Its Authorized Investment Asset Manager

As its first monthly message to its community, FTX took to X to inform its creditors that the FTX Debtors’ sale of Digital Assets under a bankruptcy court order, is exclusively under the purview of Galaxy Asset Management, the court-authorized investment manager. As such, the team would only accept any offers to sell or solicitation of offers to buy that are made only by Galaxy Asset Management.

The firm advised interested parties who are institutional buyers or otherwise in compliance with applicable law are therefore advised to take note. 

The firm revealed that some unauthorized third parties are already making moves to bid on behalf of certain FTX Debtors. It is obvious that the FTX team is also ready for the occurrence of such cases and may have put structures in place to cater to any form of exploitation.

(1/4) The FTX Debtors’ sale of Digital Assets pursuant to Bankruptcy Court Order no. 2505 is exclusively being handled by the FTX Debtors’ court-authorized Investment Manager, Galaxy Asset Management (GDAM@galaxy.com).

— FTX (@FTX_Official) March 1, 2024

In addition, FTX explained that in the case where locked digital assets are sold by the FTX Debtors, the terms and conditions governing the schedule for unlocking the holdings would still stand. 

Attempt to Claw In All Assets Intensifies

Noteworthy, in the last few months FTX has been on a mission to restructure and repay its creditors. It has retrieved up to $7 billion in assets with which it planned to repay its customers. A week ago, FTX received approval from the Supreme Bankruptcy Court of the United States District Court for the District of Delaware to sell off its over $1 billion stake in AI firm Anthropic.

It is strongly expected that the sales of the stake in the AI firm will go a long way to alleviate the financial tension hovering around FTX. If it is successful, it may lead to the full repayment of FTX customers’ claims as well as that of its creditors.

Still preparing for the repayment, the trading platform has been in communication with different government agencies, agreeing with them to commit to holding off on pursuing collection of about $9 billion in claims until after customers have been fully refunded.

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