{"id":1800641,"date":"2023-01-10T06:50:05","date_gmt":"2023-01-10T11:50:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1800641"},"modified":"2023-01-10T06:51:41","modified_gmt":"2023-01-10T11:51:41","slug":"over-100-parties-want-to-buy-parts-of-ftx","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/over-100-parties-want-to-buy-parts-of-ftx\/","title":{"rendered":"Over 100 Parties Want to Buy Parts of FTX"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fover-100-parties-want-to-buy-parts-of-ftx%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1800641&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>More than 100 interested parties are looking to purchase a portion of the failed cryptocurrency exchange <a href=\"https:\/\/www.theepochtimes.com\/t-ftx\">FTX<\/a>.<\/p>\n<p><a href=\"https:\/\/www.businessinsider.com\/ftx-117-parties-trying-to-buy-businesses-despite-doj-objection-2023-1?IR=T\">According For court documents<\/a> reviewed by Business Insider, lawyers handling the FTX\u2019s Chapter 11 bankruptcy case are planning to <a href=\"https:\/\/www.theepochtimes.com\/t-auction\">Auction<\/a> Four of the companies were previously owned by disgraced former CEOs <a href=\"https:\/\/www.theepochtimes.com\/t-sam-bankman-fried\">Sam Bankman Fried<\/a>.<\/p>\n<p>Bankman-Fried currently faces up to 115 years in prison\u00a0if found guilty of all\u00a0eight counts against him by federal prosecutors,\u00a0including wire fraud,\u00a0but it is unlikely he will face the maximum possible sentence even if he is found guilty, say legal experts.<\/p>\n<p>The co-founder of FTX pleaded not guilty to using $8 billion of customers\u2019 money\u00a0to fund luxury purchases and political donations.<\/p>\n<p>Federal prosecutors accused him \u201cperpetuat[ing] a scheme\u00a0to defraud customers of FTX by misappropriating billions of dollars of those customers\u2019 funds.\u201d<\/p>\n<p>According to the Department of Justice, the CEO had used customer funds. \u201chis personal use to make investments and millions of dollars of political contributions to federal political candidates and committees and to repay billions of dollars in loans owed by\u00a0Alameda Research, a cryptocurrency hedge fund also founded by the defendant.\u201d<\/p>\n<p>The Securities and Exchange Commission has now brought him additional charges.<\/p>\n<h2>Financial Firms Pick the Corpse Of FTX<\/h2>\n<p>However, bankruptcy filings starting December 2022 are not allowed <a href=\"https:\/\/www.scribd.com\/document\/608298469\/FTX-bankruptcy-filing-11-17-22\">(pdf)<\/a> The four businesses are up for sale \u201cmaintained segregated customer accounts,\u201d Bankman-Fried was still able to use his clients\u2019 money for illegal purposes.<\/p>\n<p>According to Business Insider, a Delaware bankruptcy court document filed on Jan. 8 stated that 117 people had expressed interest in purchasing at minimum one FTX-owned entity and that 59 confidentiality agreements had been agreed upon.<\/p>\n<p>According to Business Insider&#8217;s report, none of the identities of any parties were revealed in the filing. However, they include \u201cvarious financial and strategic counterparties globally.\u201d<\/p>\n<p>According to the document, at least 50 people were interested in purchasing LedgerX (an exchange platform that FTX purchased in October 2021).\u00a0They are also considering Embed, an Embed that was acquired in the scheme to allow stock trading at FTX.<\/p>\n<p>FTX Europe as well as FTX Japan are up for purchase with approximately 40 interested parties, according to the document.<\/p>\n<p>Management presentations were made by the debtors to management. \u201cpreliminary diligence materials\u201d Embed and LedgerX. They are creating them for FTX platforms. Their operations have been suspended.<\/p>\n<p>According to the filing, Embed, LedgerX and FTX Europe had their own computer systems while FTX Europe was run from separate headquarters.<\/p>\n<p>FTX\u2019s current controllers said they had received \u201cdozens of unsolicited inbound inquiries,\u201d and that they are willing to maximize what is left of the cryptocurrency platform\u2019s value in order to reimburse former clients, Business Insider reported.<\/p>\n<h2>DOJ Shows Concerns About Evidence Loss if Auction Proceeds<\/h2>\n<p>Although the auctions for FTX are set\u00a0to begin on Feb. 27, the Department of Justice\u2019s bankruptcy division, the United States Trustee, has objected to the procedure.<\/p>\n<p>According to the government appointed trustee, there was \u201cserious cause for concern\u201d Concerning the possible loss of business records in the sale. This could prevent future investigations into any wrongdoing at the failing crypto firm.<\/p>\n<p>\u201cThe sale of potentially valuable causes of action against the debtors\u2019 directors, officers, and employees, or any other person or entity, should not be permitted until there has been a full and independent investigation into all persons and entities that may have been involved in any malfeasance, negligence, or other actionable conduct,\u201d Andrew Vara, the trustee, stated this in a court filing.<\/p>\n<p>He said that an independent investigation was requited before any sale, because valuable information related to the exchange\u2019s bankruptcy could be compromised<a href=\"https:\/\/www.reuters.com\/business\/finance\/us-trustee-files-objection-ftxs-planned-asset-sales-2023-01-07\/?rpc=401&#038;\">, reported Reuters.<\/a><\/p>\n<p>On Jan. 11, a hearing will be held at Delaware&#8217;s bankruptcy court.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-bryan-jung\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/ttl7daySGw_WEB_BrianJung.jpg\" alt=\"Bryan Jung\"   style=\"display:none\"><\/a>\n\t\t\t\t\t<\/div>\n<p>Bryan S. Jung is a New York City resident and native. He has a background both in politics and the legal sector. He graduated from Binghamton University.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>More than 100 interested parties are looking to purchase a portion of the failed cryptocurrency exchange FTX. According For court documents reviewed by Business Insider, lawyers handling the FTX\u2019s Chapter 11 bankruptcy case are planning to Auction Four of the companies were previously owned by disgraced former CEOs Sam Bankman Fried. Bankman-Fried currently faces up &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1695376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5696,5458,7334,11342,3819],"class_list":["post-1800641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-5696","tag-bongino","tag-ftx","tag-parties","tag-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1800641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1800641"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1800641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695376"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1800641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1800641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1800641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}