FTX Japan’s business sale auction, bidding deadline extended
FTX Japan bidding process extended
Regarding the business sale of the bankrupt crypto asset (virtual currency) exchange FTX, it turned out that the bidding process of the Japanese corporation “FTX Japan” and the European corporation “FTX Europe” was extended by about a month each.
According to documents submitted by the FTX Law Office on the 1st, the bid date has been changed to April 19th, the auction date to April 26th, and the sale decision date to after May 1st. Previously, for FTX Japan and FTX Europe, the auction date was March 15, 2011, the auction date was March 21, and the sale decision date was March 27.
As for the reason for extending the acquisition negotiation period, FTX said in the filing that it had “reasonable business reasons.” It seems that the debtors want to maximize the repayment funds to the creditors by selling the business to a buyer with better terms. A dossier dated January 8 showed that 41 companies were interested in acquiring FTX Japan and 40 companies in FTX Europe.
Dai Matsumoto, president and CEO of Monex Group, the parent company of domestic cryptocurrency exchange Coincheck, also expressed interest in acquiring FTX Japan.
Relation:Coincheck Parent Company Monex Matsumoto Interested in FTX Japan Acquisition = Report
At the end of last year, FTX Japan announced that it was planning to resume withdrawals of customer assets that had been frozen (suspension of withdrawals) due to the bankruptcy of its parent company FTX Global by mid-February.
Relation:FTX Japan to return customer assets by mid-February next year
Asset consolidation of FTX
FTX Japan segregated and managed customer funds, but the global version of FTX.com's customer assets were mixed with the assets of Alameda Research, a sister company that makes markets. pointed out by
Former FTX CEO Sam Bankman-Fried has denied the charges, but former Alameda Research CEO Caroline Ellison and others have pleaded guilty to criminal charges, including conspiracy to commit wire fraud against FTX customers. cooperating.
#PeckShieldAlert ~$13M worth of cryptos have been transferred to Alameda consolidation-labeled address, including ~6M $USDT & 1,545 $ETH ($2.5M) from Bitfinex, ~4.6M $USDC from 0x7889
Wondering why Bitfinex transferred ~$8.5M worth of cryptos to Alameda consolidation address pic.twitter.com/YU8RNcrdxs
— PeckShieldAlert (@PeckShieldAlert) February 2, 2023
Security firm PeckShield reported on Thursday that approximately ¥1.6 billion ($13 million) worth of tokens had been transferred to Alameda Research's wallet. About 900 million yen worth (6 million USDT and 1545 ETH) was sent from another cryptocurrency exchange Bitfinex.
It is not clear why these assets were combined into a single wallet, but a Bitfinex spokesperson told US cryptocurrency media CoinDesk, “Alameda has an account with Bitfinex and we are working with the liquidator. We are returning the assets through
FTX lawyers announced on January 11 that they had recovered approximately ¥660 billion (approximately $5 billion) in assets consisting of highly liquid cryptocurrencies and investment securities. John J. Ray III said at the time that he would liquidate several of the recovered altcoins to pay back his creditors.
There was no mention of how assets in Alameda's wallet will be handled. According to blockchain explorer Etherscan, the wallet with assets worth about 1.6 billion yen holds 15,744 ETH (worth 3.3 billion yen) and tokens worth 25 billion yen, including Tether (USDT).
Relation:FTX US Hearings Reveal Extremely Poor Management, Criminality