As FTX research continues, many unexpected findings have been revealed. In today’s news, Andrew Vara, the US economist in charge of FTX, revealed that the exchange refused to provide financial details about the company it plans to sell. Businesses, according to Vara, include crypto exchange and clearinghouse LedgerX, FTX Europe and Embed’s holding platform, FTX Japan.
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The Bankruptcy Trustee of US FTX Files an Appeal Against The Proposed Sale
Since FTX is under investigation, the exchange intends to sell other companies in code. According to Vara, the crypto exchange provided “little information” about what was being sold.
Vara added to the Delaware court that the amendment did not address financial matters including the assets and liabilities of each company and that he is now seeking to delay such filing until after the sale is heard. Vara said, “Without these documents, there is no information about the nature or value of the debtor’s assets that the company wants to sell.” Not to be outdone, Vara said that as long as the company’s proposed transaction is being investigated, it can go ahead with the sale.
In particular, he called for an independent investigation into the companies that FTX intends to sell, suggesting that “there are serious concerns” about financial involvement of FTX and holding important information. The document said: “The sale of items that could lead to action against the directors, officers and employees of the debtors, or any other person or company should not be allowed. any, where it was alleged that it was wrong and no investigation was done on it. the extent of such evil, or the people and institutions that may have been affected.”
Despite the discouraging allegations surrounding the change, FTX’s lawyer emphasized that the sale of the company should be done quickly, because the market value may decrease over time due to the work stoppage.
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Under The Radar of The Authorities
With many allegations revealed about the change, the change in the company’s leadership is still under the radar of the employer. Last week, United States Department of Justice (DOJ) has begun a serious effort to seize FTX transactions.
The DOJ has revealed its intention to seize shares of Robinhood stock market linked to Sam Bankman-Fried. Although SBF has been accused of committing “fraud of epic proportions” in the stock market for several years, it pleaded not guilty on Tuesday in a federal court in New York.
Meanwhile, the FTT brand seems to be in a terrible situation after all the endless saga that happened in the last few months. The token has fallen more than 90% from its all-time high since the exchange filed for bankruptcy and is currently trading below $2 with no hope of a higher peak.