Judge Rejects the Appointment of FTX Independent Examiner Worth 100 Million
Key Points: A judge in the United States rejected the motion to appoint a independent examiner to investigate the bankruptcy of FTX.
Judge John Dorsey of the Delaware Bankruptcy Court agreed with FTX. He stated that there was no need for an examiner to conduct “another expensive probe that would slow down” the case.
A hearing that took place Wednesday saw a United States court decline a motion to appoint a separate examiner to the FTX case. A group of four senators representing both the Democratic-Republican parties in the United States wrote to the judge in January asking for an impartial examiner. Later, a representative of the United States Trustee (a division of Justice) wrote to the judge requesting the appointment of an impartial examiner. These representatives claimed previously that there was no need for an examiner to be appointed. In the past, attorneys representing FTX had estimated that an impartial investigation could cost the estate a total amount of one hundred million dollars. The judge stated that he agreed with the objections and would deny the request to appoint an examiner. The court appointed joint temporary liquidators for FTX in Bahamas. They stated that the business had transferred assets totaling $7.7 billion from Bahamian entities into the U.S. units. Previously, FTX facilities included 13 storage spaces and $2.4million in automobiles. Although it is unlikely that any unique gems will be discovered, a report by liquidators who were charged with cleaning out the surviving assets of the failed bitcoin exchange suggests that office equipment and anything in the storage lockers could soon be available for sale. The report also mentions $2.4 million worth of autos. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuChubbiCoincu NewsTags: cryptoFTXFTX bankruptcyFTX Collapsemarket