SBF cased out 70% of funds front investing rounds.  
SBF cased out 70% of funds front investing rounds.  

Strategic review launched by FTX, seeks court relief to pay critical vendors

On Saturday, bankrupt crypto currency exchange FTX said that it has launched a strategic review of its global assets and is working on the sale or reorganisation of some of its businesses.

Sam Bankman-Fried transferred assets to Bahamas after FTX bankruptcy
Sam Bankman-Fried transferred assets to Bahamas after FTX bankruptcy

Along with about 101 affiliated firms, FTX also moved to the court to seek relief and to get permission for the operation of a new global cash management system and payment to its critical vendors.

The exchange and its partners filed for bankruptcy in Delaware on Nov. 11, which is said to be one of the highest-profile crypto blowups, leaving approximately 1 million customers and other investors facing total losses in the billions of dollars.

On Saturday, FTX in a court filing asked for permission to pay prepetition claims of up to $9.3 million to its critical vendors after an interim order of up to $17.5 million after the entry of the final order.

Former FTX CEO Defends himself with a tweet discussion
Former FTX CEO Defends himself with a tweet discussion

FTX also said that if it fails to receive the court relief it was seeking, it will cause “immediate and irreparable harm” to its businesses.

FTX’s new Chief Executive Officer John Ray said,
“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,”