The Third Circuit Court of Appeals in Philadelphia issued a ruling for FTX to undergo an external investigation
ChainCatcher news, according to News.bitcoin, the Third Circuit Court of Appeals in Philadelphia has ruled that FTX is to undergo an external investigation. The ruling requires a court-appointed independent examiner to thoroughly review the business and bankruptcy issues, ensuring that there are no connections between the parties and the debtors. The ruling indicates that such investigations may enhance oversight and provide potential investors with insights into the internal workings of such businesses.
The Philadelphia court's ruling suggests that investigations conducted solely by estate management agencies and their lawyers are insufficient. This latest directive may hinder the current restructuring strategy, which aims to compensate customers based on the value of crypto assets as of November 11, 2022.