💰 FTX launches strategic review, seeks court relief to pay critical vendors

TL;DR

Nov 19 (Reuters) - Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses.The exchange and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.The exchange said that if it fails to receive the requested court relief, it will result in "immediate and irreparable harm" to its businesses."Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises," FTX's Ray said.FTX has identified 216 debtor bank accounts with positive balances as of Nov. 16, but has only been able to verify the balances in 144 accounts so far, the company said in a separate court filing."

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