Market Analysis Report (21 Mar 2023)

FTX Group has requested intervention from US Bankruptcy Judge John Dorsey to safeguard its assets from liquidators handling the winding down of its Bahamas unit.

According to Bloomberg, the firm has argued that the liquidators have no legitimate claim over any portion of the bankrupt firm’s assets. In an adversary proceeding filed in bankruptcy court, FTX Group is seeking a declaration from Dorsey that assets belonging to Sam Bankman-Fried and other employees, lodged under the Bahamas unit, are “fraudulent transfers” and rightfully owned by FTX.

According to court documents, liquidators for FTX Digital Markets, the Bahamas division of FTX Group, which is not bankrupt, have claimed ownership of FTX.com’s property.

The filing claims that the liquidators’ claims over the exchange are continuing to “balloon in size and volume,” and have extended to interfering with Alameda’s preferential payments.

Without intervention from the US bankruptcy court, FTX Group believes that the liquidators will continue to assert unfounded claims that will harm FTX.com customers and other creditors of the FTX Debtors.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/mar/21/