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UPDATE 1-FTX reaches agreement over U.S. and Bahamas bankruptcy proceedings

Reuters · 01/06/2023 15:05
UPDATE 1-FTX reaches agreement over U.S. and Bahamas bankruptcy proceedings

Updates with background and details on cooperation

- FTX and its affiliated debtors said the cryptocurrency exchange's U.S. bankruptcy estate and the liquidators of its affiliated operations in the Bahamas reached an agreement to coordinate their operations.

The two sides will work to share information, secure property and coordinate litigation against third parties, according to a mutual statement.

Legal teams for the U.S. and Bahamian operations had been locked in a dispute over access to internal records and value of holdings of their operations.

FTX collapsed into bankruptcy in November and its founder Sam Bankman-Fried has been charged with fraud by U.S. prosecutors. He has pleaded guilty.


(Reporting by Akash Sriram in Bengaluru; Editing by Chizu Nomiyama)

((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))