FTX, Bahamian FTX DM reach agreement on info sharing, disposition of property, assets

The FTX Debtors, made up of FTX and its affiliated debtors, and FTX Digital Markets (FTX DM), the Bahamian subsidiary of FTX, introduced Jan. 6 that they’ve reached a cooperation agreement concerning the FTX Debtors’ Chapter 11 chapter case in Delaware and the provisional liquidation of FTX DM within the Bahamas. 

Under the agreement, the events will “share data, safe and return property to their estates, coordinate litigation towards third events and discover strategic options for maximizing stakeholder recoveries.” They have additionally set parameters for cooperation in one another’s courtroom circumstances.

In addition, the events agreed the joint provisional liquidators will take the lead within the disposition of actual property within the Bahamas and make sure digital assets “beneath the management of the Securities Commission of the Bahamas within the Fireblocks account beforehand disclosed by the FTX Debtors.” As of the agreement:

“The events are every comfy the digital assets have been appropriately safeguarded by the Securities Commission as restructuring discussions proceed.”

The Bahamian Supreme Court ordered all FTX DM digital assets transferred to a pockets owned by the Securities Commission of the Bahamas on Nov. 12.

FTX Debtors CEO and Chief Restructuring Officer John Ray stated, “There are some points the place we don’t but have a gathering of the minds, however we resolved many of the excellent issues and have a path ahead to resolve the remaining.”

The agreement nonetheless requires the approval of the United States Bankruptcy Court in Delaware and the Supreme Court of The Bahamas.

Related: FTX ordered to pay reimbursement charges to Bahamian regulators

The U.S. and Bahamian sides have conflicted over a quantity of points that included allegation of favoritism, withholding of data and even that Bahamian authorities requested former FTX CEO Sam Bankman-Fried to mint new tokens that they might management.