The Delaware bankruptcy court has approved the sale of FTX digital assets. Judge John Dorsey made the ruling at a hearing on Sept. 13. Major changes were made to the order authorizing the sale on the previous day.
FTX will be allowed to sell digital assets excluding Bitcoin (BTC), Ether (ETH) and “certain insider-affiliated tokens” in weekly batches through an investment adviser under pre-established guidelines. There will be limits of $50 million for the first week and $100 million in subsequent weeks. There will be an option to increase the limit with prior written approval of the creditors’ committee and Ad Hoc Committee or to raise the limit to $200 million weekly with approval of the court.
Bitcoin, Ether and insider-affiliated tokens can be sold through a separate decision by FTX after ten days’ notice to the committees and the U.S. Trustee. The U.S. Trustee is appointed by the Department of Justice.
This is a developing story, and further information will be added as it becomes available.