FTX’s Asset Sale Approved By Judge: Abu Dhabi Strikes Big

According to a court filing on Tuesday, a Delaware bankruptcy judge has given the go-ahead for Abu Dhabi’s investment arm to acquire FTX‘s assets in Sequoia Capital Fund for $45 million.

The sale to Al Nawwar Investments RSC Limited satisfies the restrictions set by U.S. bankruptcy law, said Judge John Dorsey, in response to FTX’s request for a declaration on March 8, Coindesk reported.

The bankrupt crypto exchange has also asked for a delay on the sale of its stock-clearing business, Embed, which was intended to generate funds for outstanding creditors.

Also Read: Hong Kong Sets Sights On Crypto Dominance With Unprecedented Move To Ease Financing For Virtual Assets

The hearing, originally set for Feb. 27, has been postponed indefinitely without explanation.

FTX filed for bankruptcy in November 2022 and is currently under the management of restructuring expert John J. Ray III.

The company has been selling assets such as LedgerX, its European and Japanese units and more to recover missing customer funds.

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