FTX Sells $10M DCI for $500K to Settle Debts
FTX Sells $10M DCI for $500K to Settle Debts
By AZC News | 43 minutes ago
FTX, led by CEO John Ray III, is aggressively pursuing liquidity to settle debts amidst mounting regulatory and creditor pressure. From scouring past deals to leveraging Bitcoin shorts, the defunct exchange is sparing no effort to reimburse customers, even if it means selling assets at discounted rates.
FTX Initiates Sale of DCI
The FTX Debtors estate has initiated the sale of Digital Custody Inc. (DCI), a subsidiary acquired for $10 million between 2021 and 2022, now being sold to CoinList at a significant discount of 95%, totaling just $500,000. Financing for the sale is provided by DCI’s original CEO and seller, Terence J. Culver.
According to the filing, FTX lawyers stated that DCI was intended to provide custodial services for FTX.US and LedgerX, but it was never fully integrated into the exchange’s operations before SBF filed for bankruptcy in November 2022.
FTX lawyers detailed that DCI held minimal value as an asset and was no longer useful to the Debtors’ business, prompting the decision to offload it.
FTX received three offers for DCI, including one from its former CEO, Culver. The debtors’ estate selected the purchasers based on their ability to expedite the transition. While relevant committees have approved the sale, the estate has a brief window to seek alternative offers before finalizing the deal, with a reverse termination fee of $50,000 if the transaction falls through.
Related: FTX Seeks Court Approval to Sell Anthropic Shares
FTX Abandons Revival Plans
After over a year of efforts to revive the exchange, FTX has abandoned all plans and shifted focus to reimbursing customers in full. The decision comes after unsuccessful negotiations with potential bidders and investors, citing a lack of commitment from interested parties to provide necessary capital for reconstruction.
Attorney Andy Dietderich outlined that customers will be paid in full, with reimbursement calculations based on November 2022 prices when SBF filed for bankruptcy, with Bitcoin trading at $16,700 then. At press time, Bitcoin hovered around $48,000.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchFTX Sells $10M DCI for $500K to Settle Debts
By AZC News | 43 minutes ago
FTX plans to sell subsidiary Digital Custody Inc. (DCI) worth $10 million to obtain $500 thousand from Coinlist to repay debts.FTX Sells $10M DCI for $500K to Settle Debts
FTX, led by CEO John Ray III, is aggressively pursuing liquidity to settle debts amidst mounting regulatory and creditor pressure. From scouring past deals to leveraging Bitcoin shorts, the defunct exchange is sparing no effort to reimburse customers, even if it means selling assets at discounted rates.
FTX Initiates Sale of DCI
The FTX Debtors estate has initiated the sale of Digital Custody Inc. (DCI), a subsidiary acquired for $10 million between 2021 and 2022, now being sold to CoinList at a significant discount of 95%, totaling just $500,000. Financing for the sale is provided by DCI’s original CEO and seller, Terence J. Culver.
According to the filing, FTX lawyers stated that DCI was intended to provide custodial services for FTX.US and LedgerX, but it was never fully integrated into the exchange’s operations before SBF filed for bankruptcy in November 2022.
FTX lawyers detailed that DCI held minimal value as an asset and was no longer useful to the Debtors’ business, prompting the decision to offload it.
FTX received three offers for DCI, including one from its former CEO, Culver. The debtors’ estate selected the purchasers based on their ability to expedite the transition. While relevant committees have approved the sale, the estate has a brief window to seek alternative offers before finalizing the deal, with a reverse termination fee of $50,000 if the transaction falls through.
Related: FTX Seeks Court Approval to Sell Anthropic Shares
FTX Abandons Revival Plans
After over a year of efforts to revive the exchange, FTX has abandoned all plans and shifted focus to reimbursing customers in full. The decision comes after unsuccessful negotiations with potential bidders and investors, citing a lack of commitment from interested parties to provide necessary capital for reconstruction.
Attorney Andy Dietderich outlined that customers will be paid in full, with reimbursement calculations based on November 2022 prices when SBF filed for bankruptcy, with Bitcoin trading at $16,700 then. At press time, Bitcoin hovered around $48,000.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchFTX Sells $10M DCI for $500K to Settle Debts
By AZC News | 43 minutes ago
FTX plans to sell subsidiary Digital Custody Inc. (DCI) worth $10 million to obtain $500 thousand from Coinlist to repay debts.FTX Sells $10M DCI for $500K to Settle Debts
FTX, led by CEO John Ray III, is aggressively pursuing liquidity to settle debts amidst mounting regulatory and creditor pressure. From scouring past deals to leveraging Bitcoin shorts, the defunct exchange is sparing no effort to reimburse customers, even if it means selling assets at discounted rates.
FTX Initiates Sale of DCI
The FTX Debtors estate has initiated the sale of Digital Custody Inc. (DCI), a subsidiary acquired for $10 million between 2021 and 2022, now being sold to CoinList at a significant discount of 95%, totaling just $500,000. Financing for the sale is provided by DCI’s original CEO and seller, Terence J. Culver.
According to the filing, FTX lawyers stated that DCI was intended to provide custodial services for FTX.US and LedgerX, but it was never fully integrated into the exchange’s operations before SBF filed for bankruptcy in November 2022.
FTX lawyers detailed that DCI held minimal value as an asset and was no longer useful to the Debtors’ business, prompting the decision to offload it.
FTX received three offers for DCI, including one from its former CEO, Culver. The debtors’ estate selected the purchasers based on their ability to expedite the transition. While relevant committees have approved the sale, the estate has a brief window to seek alternative offers before finalizing the deal, with a reverse termination fee of $50,000 if the transaction falls through.
Related: FTX Seeks Court Approval to Sell Anthropic Shares
FTX Abandons Revival Plans
After over a year of efforts to revive the exchange, FTX has abandoned all plans and shifted focus to reimbursing customers in full. The decision comes after unsuccessful negotiations with potential bidders and investors, citing a lack of commitment from interested parties to provide necessary capital for reconstruction.
Attorney Andy Dietderich outlined that customers will be paid in full, with reimbursement calculations based on November 2022 prices when SBF filed for bankruptcy, with Bitcoin trading at $16,700 then. At press time, Bitcoin hovered around $48,000.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchFTX Sells $10M DCI for $500K to Settle Debts
By AZC News | 43 minutes ago
FTX plans to sell subsidiary Digital Custody Inc. (DCI) worth $10 million to obtain $500 thousand from Coinlist to repay debts.FTX Sells $10M DCI for $500K to Settle Debts
FTX, led by CEO John Ray III, is aggressively pursuing liquidity to settle debts amidst mounting regulatory and creditor pressure. From scouring past deals to leveraging Bitcoin shorts, the defunct exchange is sparing no effort to reimburse customers, even if it means selling assets at discounted rates.
FTX Initiates Sale of DCI
The FTX Debtors estate has initiated the sale of Digital Custody Inc. (DCI), a subsidiary acquired for $10 million between 2021 and 2022, now being sold to CoinList at a significant discount of 95%, totaling just $500,000. Financing for the sale is provided by DCI’s original CEO and seller, Terence J. Culver.
According to the filing, FTX lawyers stated that DCI was intended to provide custodial services for FTX.US and LedgerX, but it was never fully integrated into the exchange’s operations before SBF filed for bankruptcy in November 2022.
FTX lawyers detailed that DCI held minimal value as an asset and was no longer useful to the Debtors’ business, prompting the decision to offload it.
FTX received three offers for DCI, including one from its former CEO, Culver. The debtors’ estate selected the purchasers based on their ability to expedite the transition. While relevant committees have approved the sale, the estate has a brief window to seek alternative offers before finalizing the deal, with a reverse termination fee of $50,000 if the transaction falls through.
Related: FTX Seeks Court Approval to Sell Anthropic Shares
FTX Abandons Revival Plans
After over a year of efforts to revive the exchange, FTX has abandoned all plans and shifted focus to reimbursing customers in full. The decision comes after unsuccessful negotiations with potential bidders and investors, citing a lack of commitment from interested parties to provide necessary capital for reconstruction.
Attorney Andy Dietderich outlined that customers will be paid in full, with reimbursement calculations based on November 2022 prices when SBF filed for bankruptcy, with Bitcoin trading at $16,700 then. At press time, Bitcoin hovered around $48,000.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchFTX Sells $10M DCI for $500K to Settle Debts
By AZC News | 43 minutes ago
FTX plans to sell subsidiary Digital Custody Inc. (DCI) worth $10 million to obtain $500 thousand from Coinlist to repay debts.FTX Sells $10M DCI for $500K to Settle Debts
FTX, led by CEO John Ray III, is aggressively pursuing liquidity to settle debts amidst mounting regulatory and creditor pressure. From scouring past deals to levera
FTX Initiates Sale of DCI
The FTX Debtors estate has initiated the sale of Digital Custody Inc. (DCI), a subsidiary acquired for $10 million between 2021 and 2022, now being sold to CoinList at a significant discount of 95%, totaling just $500,000. Financing for the sale is provided by DCI’s original CEO and seller, Terence J. Culver.
According to the filing, FTX lawyers stated that DCI was intended to provide custodial services for FTX.US and LedgerX, but it was never fully integrated into the exchange’s operations before SBF filed for bankruptcy in November 2022.
FTX lawyers detailed that DCI held minimal value as an asset and was no longer useful to the Debtors’ business, prompting the decision to offload it.
FTX received three offers for DCI, including one from its former CEO, Culver. The debtors’ estate selected the purchasers based on their ability to expedite the transition. While relevant committees have approved the sale, the estate has a brief window to seek alternative offers before finalizing the deal, with a reverse termination fee of $50,000 if the transaction falls through.
Related: FTX Seeks Court Approval to Sell Anthropic Shares
FTX Abandons Revival Plans
After over a year of efforts to revive the exchange, FTX has abandoned all plans and shifted focus to reimbursing customers in full. The decision comes after unsuccessful negotiations with potential bidders and investors, citing a lack of commitment from interested parties to provide necessary capital for reconstruction.
Attorney Andy Dietderich outlined that customers will be paid in full, with reimbursement calculations based on November 2022 prices when SBF filed for bankruptcy, with Bitcoin trading at $16,700 then. At press time, Bitcoin hovered around $48,000.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when ma
