Bankrupt crypto firm FTX plans to sell its custody service at a 95% discounted price
FTX bankruptcy leaders decided to sell the “Digital Custody” platform for $500k only.
FTX was a second-ranked crypto trading platform which was co-founded by Sam Bankman-Fried (SBF) & launched in 2019. Under the leadership of SBF, FTX secured the second rank in the crypto market within a couple of years. In Nov 2022, the FTX exchange collapsed badly when FTX customers realised that the exchange was not holding their funds and showing fake financial reports, to maintain the public trust.
In the latest, the FTX bankruptcy leaders decided to sell FTX’s digital assets custody platform (DCI) for only $500k.
This platform was acquired by the company for $10 million and the company had planned to use the platform to provide crypto Custody service for FTXUS and LedgerX.
The decision to sell this platform at a 95% discounted price is shocking. It sounds like the DCI platform is not good enough to use for any company or bankruptcy leaders have made bad decision.
In the initial phase of investigation in the FTX bankruptcy case, investigators found that the exchange’s fund custody service was very bad and any employee was able to access & see the private key of stored assets.
FTX liquidation plan
A few weeks ago, we reported that FTX bankruptcy leaders filed a motion in the court to confirm that they planned to liquidate the platform & compensate the FTX customers.
As per the filing, executives said that they were not getting enough funding support from bidders to restart the exchange, so decided to liquidate the FTX’s assets & infrastructure.
FTT token price action
The current trade price of FTT, a native token of the FTX crypto exchange, is 17.7% higher than the last 24 hours’ trade price.
Reportedly some crypto whales are using the low trade volume of FTT tokens, to mislead crypto investors & make easy money.
Here we would like to suggest to all our readers, that don’t fall for such tokens which are useless in all ways. Already the FTX team confirmed they will not integrate, use, or bring the plan to save FTT token investors.
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