An American trustee opposes FTX's plan to sell four subsidiaries, including LedgerX

ChainCatcher news, citing court documents reported by Reuters, U.S. trustee Andrew Vara raised objections on Saturday to the bankruptcy cryptocurrency exchange FTX's plan to sell its Bitcoin options trading platform LedgerX and its subsidiaries in Japan and Europe. The documents he submitted indicated that federal bankruptcy regulators are requesting an investigation before the sale of these units to determine whether they can obtain information related to the FTX bankruptcy proceedings.

It is reported that U.S. trustees are federal officials appointed by the U.S. Department of Justice to oversee bankruptcy cases and the management of private trusts. Previously, it was reported that FTX requested federal court approval in December of last year to sell four subsidiaries, including the U.S.-based derivatives division LedgerX, stock trading service Embed, and FTX Japan and FTX Europe.

Lawyers representing FTX have filed a motion to auction these four subsidiaries. If approved by the judge and with no objections from other stakeholders, the bidding process and sale will take place in the first quarter of 2023. (source link)