FTX Looks For Reorganization Of Business

November 19, 2022

The collapsed crypto exchange FTX held an strategic review meeting on Saturday. 

FTX has reportedly been looking forward to some organizational changes on global level.

Crypto exchange has also been preparing for the sale or reorganization of some businesses, reports said.

Along with about 101 affiliated firms, FTX also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors.

FTX has already filed Chapter 11 bankruptcy in the US on November 11, seeking court protection as it looks for a way to return money to users.

FTX collapse affected  over1 million customers and other investors facing total losses in the billions of dollars.

In its court filing, FTX sought permission to pay prepetition claims of up to $9.3 million to its critical vendors after an interim order of up to $17.5 million after the entry of the final order.