Swiss court allows FTX to explore sales of European business Swiss court allows FTX to explore sales of European business
A Swiss court has appointed an unnamed administrator for FTX Europe AG, according to the press statement.
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Updated: Apr. 12, 2023 at 6:11 pm UTC
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Bankrupt crypto exchange FTX would explore the sale of its European business.
In an April 12 press statement, the bankrupt firm said the holding business for its European business, FTX Europe AG, filed a petition for a Swiss moratorium granted by a Swiss court.
According to the firm, the moratorium would “facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business pursuant to U.S. Bankruptcy Court-approved bidding procedures.”
The bankrupt firm added that the Swiss court appointed an unnamed administrator for FTX Europe AG.
FTX EU opened a website to allow its European customers to submit withdrawal requests in March. The bankrupt exchange noted that the moratorium does not change this process.
Recent reports revealed that the bankrupt cryptocurrency exchange allegedly stored the private keys to its cryptocurrency wallets on Amazon Web Services (AWS). The report added that FTX used QuickBooks and Microsoft Excel to manage accounting across multiple entities in a manner that “lacked organization and was prone to errors.”
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.