Just-In: FTX Delays Sale For Japan And Europe Subsidiaries

Beleaguered crypto exchange FTX extends the deadline to bid for its Japan and Europe subsidiaries amid efforts by administrators to raise funds for creditors.

Bidders are now informed about March 8 as the preliminary bid deadline for the scheduled auction on April 26, according to the court filing on Wednesday.

FTX Extends Bid Deadline For Japan and Europe Subsidiaries

FTX under CEO John Ray III received court approval in January to auction several FTX subsidiaries, including LedgerX, FTX Japan, and FTX Europe to pay back creditors.

According to a court filing on February 1, FTX filed with the U.S. Bankruptcy Court for the District of Delaware to extend the bid deadline and revised dates for sale of FTX Japan and FTX Europe.

The preliminary bid deadline is now March 8 and the bid deadline is April 19, with the auction date set to April 26. In addition, the sale hearing for the FTX Japan and Europe subsidiaries is on May 1.

Earlier, March 15 was set as the bid deadline, March 21 as the date of the auction, with March 27 as the date of the sale hearing for each of FTX Japan and FTX Europe.

Moreover, The Japanese subsidiary has started the procedure for returning client funds and is expected to return the assets to customers by this month. FTX Japan will not lose its licenses even if its owner changes, said Japan’s Financial Services Agency in January.

Sam Bankman-Fried Seeks His Funds

While FTX under new CEO John Ray III trying to return funds to creditors, former CEO Sam Bankman-Fried trying to communicate secretly to FTX officials and seek the return of his funds.

On Wednesday, U.S. District Judge Lewis Kaplan placed a temporary restraining order against Sam Bankman-Fried, preventing him from communicating with current or former employees of FTX and Alameda Research.

Also Read: Here’s Why February Could Be Rough For Ethereum (ETH) Holders

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.