FTX Asks Court Permission to Sell Off 4 Subsidiaries, Including LedgerX

FTX has asked the US federal bankruptcy court for permission to sell off four subsidiaries early next year, which are digital currency derivatives platform LedgerX, stock-clearing firm Embed, as well as FTX Japan and FTX Europe.

Lawyers representing FTX have filed a motion to begin an auction process for these companies. "The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses," the lawyers said in the motion.

If approved, the preliminary bids for the auction will begin in mid January next year, and the auction dates will run from late February to late March.