FTX Staff in the US and Bahamas Coordinate Cryptocurrency Recovery
- Nanna Course
- on Jan 07, 2023
Both parties will cooperate to exchange information, protect assets and plan legal action against third parties
(Reuters) – A disagreement that could have prevented the recovery of billions of dollars in lost cash has been resolved by FTX’s U.S. bankruptcy team agreeing to work with liquidators shutting down the crypto exchange’s operations in the Bahamas.
The two parties said they would cooperate to exchange information, protect assets and plan legal action against third parties in a joint statement released on Friday.
Since dueling bankruptcies were filed in both countries in November, FTX’s US bankruptcy team has been in a dispute with Bahamian authorities.
Bahamian authorities confiscated the assets of FTX, which authorities say was done to protect the assets that would ultimately be delivered to creditors of FTX Digital Markets.
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