FTX, the bankrupt exchange, has issued a cautionary notice regarding its sole authorized investment manager, Galaxy Asset Management. In a post on X dated March 1, FTX emphasized that the sale of digital assets mandated by the bankruptcy court is managed exclusively by Galaxy Asset Management. The exchange warned against engaging with non-authorized third parties soliciting bids on behalf of FTX Debtors.
FTX clarified that any sale of locked digital assets by FTX Debtors would adhere to the terms and conditions governing the unlocking schedule of the holdings.
Despite its bankruptcy status, FTX has been actively working on restructuring and repaying its creditors. The platform has successfully recovered assets amounting to $7 billion, which are being utilized to reimburse former customers.
In a separate development, FTX‘s former CEO, Sam Bankman-Fried, faced a criminal trial resulting in his conviction on seven charges, including wire fraud, securities fraud, and money laundering conspiracy.
Bankman-Fried’s sentencing is scheduled for March 28, with a maximum possible sentence of 110 years in prison.
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