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FTX’s $45M Sequoia Sale Cleared, as Embed Divestment Delayed

Consensus 2023 Logo

Christy Goldsmith Romero

Commissioner

U.S. Commodity Futures Trading Commission

Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.

Consensus 2023 Logo

Christy Goldsmith Romero

Commissioner

U.S. Commodity Futures Trading Commission

Consensus 2023 Logo

Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.

CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

Consensus 2023 Logo

Christy Goldsmith Romero

Commissioner

U.S. Commodity Futures Trading Commission

Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.

Consensus 2023 Logo

Christy Goldsmith Romero

Commissioner

U.S. Commodity Futures Trading Commission

Consensus 2023 Logo

Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.

A Delaware bankruptcy judge has approved the $45 million sale of FTX’s assets in Sequoia Capital Fund to the investment arm of Abu Dhabi, a Tuesday court filing shows.

In a declaration requested by FTX on March 8, Judge John Dorsey declared that the sale to Al Nawwar Investments RSC Limited met the requirements of U.S. bankruptcy law, which sets restrictions to prevent unduly hasty divestment of assets.

The bankrupt company also requested an indefinite delay to its sale of stock-clearing business Embed, originally conceived as a quick way to raise funds for outstanding creditors.

The sale hearing for Embed, originally schedule for Feb. 27 and subsequently postponed, is now to be put on hold “until further notice,” a separate court document said, without providing further reasoning.

FTX filed for bankruptcy on Nov. 11 and, now under the management of restructuring expert John J. Ray III, has since been engaged in attempts to recoup missing customer funds, including selling assets such as derivatives arm LedgerX and the company’s European and Japanese units.

Edited by Greg Ahlstrand.

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CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.


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CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

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