Bankman-Fried’s FTX extends deadline for subsidiaries’ bids in Japan and Europe

FTX and authorities handling its bankruptcy case have extended the deadline for bidding for the auction of Japanese and European companies on the embattled exchange to March 8, 2023. The auction will take place on April 26, 2023, if all goes as planned.

FTX gets a deadline extension

Sam Bankman-Fried’s disgraced FTX has been granted approval to extend bid deadlines for the sale of its Japanese and European businesses, which include LedgerX, FTX Japan and others.

Delaware bankruptcy judge John Dorsey authorized FTX to put four of its subsidiaries up for sale last month, to raise money to settle some of its debtors.

On February 1, March 8, 2023 became the new deadline for the initial bidding of the exchange’s assets, which has already attracted great interest from more than 100 entities around the world, including the Japanese Monex Group. If all goes as planned, it will be held The auction is on April 26, 2023.

Notably, FTX’s new CEO, John Ray III, who has so far recovered more than $5 billion in the company’s assets, hinted that the exchange might make a comeback. However, such a scenario remains unlikely for the time being.

As recently reported by crypto.news, debtors of FTX have asked the US Bankruptcy Court for the District of Delaware to subpoena Bankman-Fried’s relatives to turn over records and information needed to aid in the ongoing investigation.

Despite the intense FUD the FTX saga has brought to the web3 space, the SBF has so far denied any wrongdoing, and new reports indicate that the former billionaire is doing everything he can to regain access to FTX funds.

All in all, the silver lining in the ongoing FTX scandal is that cryptocurrency market participants are now more aware of the risks lurking in the space, especially when it comes to centralized exchanges. Not your keys, nor your money after all.