Why did FTX bankruptcy take so long?

FTX had an unusually slow start to its bankruptcy, taking nearly a week to file "first-day" papers that describe the company's debts and how it ended up in bankruptcy. The reason for that delay became apparent when FTX's new CEO, John Ray, described the "unprecedented" chaos at the company in court filings on Nov. 17.

Will FTX sell its assets to repay creditors?

A judge overseeing the FTX bankruptcy proceedings has given the crypto exchange permission to sell off some of its assets in order to repay creditors. The assets that will be sold include the CFTC-regulated derivatives exchange LedgerX LLC, the equities-trading platform Embed Technologies, FTX Japan Holdings, and FTX Europe.

Who owns FTX Japan holdings KK?

FTX Japan Holdings K.K. operated as a registered cryptocurrency exchange under Japan’s Financial Services Agency (FSA). It was known as Liquid Group Inc. before being acquired by FTX in April 2022 and also has a subsidiary, Quoine Pte Ltd., which operates a cryptocurrency exchange in Singapore.

Which FTX subsidiaries were not included in Chapter 11 filings?

In a follow-up tweet, FTX said subsidiaries LedgerX LLC, FTX Digital Markets, FTX Australia Pte Ltd, FTX Capital Markets, Embed Financial Technologies and Embed Clearing were not included in the Chapter 11 filings. People familiar with the matter told Reuters at least $1 billion of customer funds have vanished from FTX.