FTX's Bahamas Wing Reaches Agreement With U.S. Bankruptcy Team, Streamlining Future Actions
The liquidators of the Bahamas unit of the collapsed crypto exchange FTX have reached an agreement with the U.S. bankruptcy team, enabling the pooling and redistribution of assets to global FTX.com customers. The agreement with FTX Digital Markets and FTX Debtors is subject to approval from the Supreme Court of the Bahamas and the U.S. Bankruptcy Court for the District of Delaware. Once approved, FTX Digital Markets will lead the effort to realise real estate and other assets in the Bahamas. It was found that the Bahamas unit might have mixed client and corporate funds, complicating the identification of client money. FTX's collapse sent shockwaves through the crypto industry and its founder, Sam Bankman-Fried, was found guilty of fraud in a U.S. trial.
