FTX, the bankrupt crypto exchange, has issued a warning against unauthorized bid solicitation, emphasizing that Galaxy Asset Management exclusively handles the sale of digital assets linked to FTX’s bankruptcy. The company cautioned that several non-authorized third parties are attempting to solicit bids from buyers on behalf of the FTX Debtors.
If locked digital assets are sold by the FTX Debtors, the terms and conditions governing the schedule for unlocking these holdings would not change
FTX stated on X
FTX received approval in September 2023 to sell off $3.4 billion worth of assets under a strict plan to avoid a significant market impact. The proposed sell-off involves weekly transactions ranging from $100 million to occasionally $200 million. Creditors will be repaid based on the value of their crypto at the time of bankruptcy, which was November 11, 2022.
In December 2023, FTX announced plans to submit the repayment plan to creditors for a final vote. The company had already sold approximately $707 million worth of assets by January 28, including a 7.84% stake in AI company Anthropic, approved by the court.
FTX emphasized that Galaxy Asset Management is the only authorized investment manager, exclusively handling the sale of digital assets under the bankruptcy court order. It urged interested parties, particularly institutional buyers, to take note of this exclusivity.
The exchange has been proactive in its mission to restructure and repay creditors, reclaiming up to $7 billion in assets for repayment. The recent approval to sell the stake in Anthropic, valued at over $1 billion, is expected to alleviate financial tension and potentially lead to the full repayment of FTX customers’ claims and creditors.
In light of its repayment efforts, FTX has engaged with government agencies, securing agreements to postpone the pursuit of approximately $9 billion in claims until after customers are fully refunded, demonstrating a commitment to the repayment process.
