A bankruptcy judge granted FTX, the collapsed crypto exchange founded by Sam Bankman-Fried, permission to liquidate its digital assets to repay creditors. FTX has previously said in bankruptcy court filings that its digital assets, such as Solana, Bitcoin and Ether (its three biggest holdings,) amount to about $3.4 billion. The crypto exchange filed for bankruptcy in November after depositors and investors abruptly withdrew funds from the platform amid concerns about FTX’s ties to its sister hedge fund, Alameda Research. Federal prosecutors allege that Bankman-Fried, who founded both FTX and Alameda, orchestrated a scheme to illegally siphon money from customer accounts to finance risky bets placed by Alameda. Several of his former business partners, however, have pleaded guilty in cooperation with prosecutors.

Source: CNN September 14, 2023 16:36 UTC