• FTX Derivatives Exchange has extended the deadline for interested buyers to place a bid for its solvent subsidiaries.
• The extended deadline is March 8 and auction date is April 26.
• 117 entities have expressed interest in one or more of the firm’s assets.

FTX Derivatives Exchange Files for Bankruptcy

The Sam Bankman-Fried (SBF) founded crypto trading platform FTX Derivatives Exchange filed for bankruptcy back in November last year, leaving customers on the edge for new updates.

Deadlines Extended for Japanese and European Businesses

The company has announced an extension to the deadline for interested buyers to place a bid for its solvent subsidiaries, including LedgerX, Embed Technologies, FTX Japan, and FTX Europe. The closure of bids is now scheduled for March 8 according to a filing lodged on Wednesday, with an auction date set at April 26.

Interest From Investors Across the Board

As many as 117 entities have expressed interest in one or more of the firm’s assets since the notice to sell was pushed out. Both FTX Europe and FTX Japan have received bids from investors so far, with 40 bids being placed on the EU outlet and 41 being placed on the Japanese one.

Focus on Repaying Customers & Creditors

The collapse of FTX has stirred catastrophic losses across thousands and millions of investors around the world. The primary focus of court-approved liquidators is now on repaying customers and creditors globally, as 1 million creditors were listed when it declared bankruptcy last year.

Conclusion

FTX continues to update customers as it moves forward with selling off its solvent subsidiaries before bankruptcy proceedings diverge further into prolonged valuations tanking investments even further than initially expected.