By Dietrich Knauth NEW YORK (Reuters) - Bankrupt crypto exchange FTX received U.S. court permission on Wednesday to liquidate cryptocurrency assets, a ...
Hurricane Lee to impact Atlantic Canada this weekend | SaltWireNEW YORK - Bankrupt crypto exchange FTX received U.S. court permission on Wednesday to liquidate cryptocurrency assets, a move the company said would allow it to repay customers in U.S. dollars and minimize risks related to price volatility in crypto markets.
FTX's request was supported by the official committee appointed to represent its customers in the bankruptcy, and by an ad hoc committee that represents non-U.S. customers with deposits on FTX.com's international exchange. FTX said in court filings it was keenly aware of the risk that its effort to liquidate coins could move crypto markets. It said it had hired U.S. crypto firm Galaxy as an investment advisor in part to manage the risk that"information leakage" would lead to short-selling activity and sharp declines in the price of crypto.
FTX said in a Monday court filing it owns $3.4 billion in cryptocurrencies, including $1.16 billion in Solana, $560 million in bitcoin, and $192 million in ether.
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