FTX asks court for relief to pay critical vendors amid strategic review

Crypto exchange seeks permission to pay claims of up to $9.3m after an interim order and up to $17.5m after entry of final orderBengaluru — Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses.

The exchange and its affiliates filed for bankruptcy in Delaware on November 11 in one of the highest-profile crypto blow-ups, leaving an estimated 1-million customers and other investors facing total losses in the billions of dollars. The exchange said that if it fails to receive the requested court relief, it will result in “immediate and irreparable harm” to its businesses.

Source: Law Daily Report (lawdailyreport.net)

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