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US trustee objects to Reuters’ proposed asset sales of FTX

US trustee objects to Reuters’ proposed asset sales of FTX

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©Reuters. Former FTX CEO Sam Bankman-Fried, charged with fraud in the collapse of the bankrupt cryptocurrency exchange, exits his court hearing in Manhattan Federal Court in New York City, U.S. January 3, 2023. REUTERS/David Dee Delgado

(Reuters) – A US trustee on Saturday objected to plans by bankrupt crypto exchange FTX to sell its digital currency futures and clearinghouse LedgerX, as well as units in Japan and Europe, a court filing said.

FTX filed for bankruptcy protection in November and last month announced it would sell its LedgerX, Embed, FTX Japan and FTX Europe businesses. On Tuesday, FTX founder Sam Bankman-Fried pleaded not guilty to defrauding investors and causing billions of dollars in losses in what prosecutors have called an “epic” fraud.

The filing by US Trustee Andrew Vara called for an independent investigation before the units could be sold, arguing that the companies may have information related to FTX’s bankruptcy.

“The sale of potentially valuable causes of action against the Debtors’ directors, officers and employees or any other person or entity should not be permitted until a full and independent investigation has been conducted of all persons and entities who may have been involved in any wrongdoing, negligence or otherwise.” criminal conduct,” the file says.

FTX said in a court filing last month that the companies it wanted to sell are relatively independent of the broader FTX group and that each has its own separate customer accounts and separate management teams.

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