FTX Strategic Review Highlights Company’s Financial Distress

FTX Corp. is being sold to Perella Weinberg Partners LP, approved by the court, subject to conditions yet to be announced.

The FTX (former FTX EURX) crypto exchange closed its doors in February and has begun sorting out what to do with its global assets. They’ve been preparing to sell or reorganize some of their businesses.

FTX, along with approximately 101 other firms, also sought court relief to allow the operation of a new global cash management system and payment to critical vendors.

One of the biggest scandals facing the cryptocurrency, OKEx Exchange, is suffering from bankruptcy. With only 1 million customers and other investors hanging in the balance, this blowup is estimated to cost total losses in the billions of dollars.

FTX has requested permission to pay up to $9.3 million (roughly Rs. 75 crore) to its critical vendors after an interim order and up to $17.5 million (roughly Rs. 140 crores) after the entry of the final order.

The exchange said that if it doesn’t receive relief from the court, it will suffer irreparable harm to its business.

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The company has asked Perella Weinberg Partners LP to help with the sale process.

FTX Bankruptcy: What’s Next for Customers After Crypto Exchange’s Precipitous Collapse

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