Shulou(Shulou.com)11/24 Report--

CTOnews.com, Nov. 20 (Reuters)-FTX, the cryptocurrency trading platform that declared bankruptcy on Saturday, said it had launched a strategic review of its global assets and was preparing to sell or restructure some of its businesses.

FTX and about 101 of its affiliates have also sought court relief to allow the new global cash management system to operate and pay key suppliers.

CTOnews.com learned that on November 11, FTX announced that bankruptcy proceedings had been initiated in the United States. FTX said in a statement that CEO Sam Bankman-Fried has resigned but will remain at the company to assist in an orderly transition. In addition, John Ray has been appointed as FTX's new CEO.

Reuters pointed out that this is one of the most high-profile cryptocurrency crashes, resulting in about 1 million customers and other investors facing losses totaling billions of dollars. FTX's new CEO, John Ray, said in a statement that FTX would explore sales, recapitalization or other strategic deals for some divisions.

In a filing filed with the court on Saturday, FTX requested leave to pay $9.3 million in pre-claim claims to key suppliers after the temporary order and up to $17.5 million in pre-application claims after the final order was entered. FTX said that failure to obtain the requested court relief would cause "immediate and irreparable harm" to its business.

In a separate filing with the court, FTX stated that, as of November 16, the company had confirmed positive balances in 216 debtor bank accounts, but so far only verified the balances in 144 accounts.

At present, FTX has designated Perella Weinberg Partners LP as its main investment bank to assist in the sale process, subject to court approval.

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