Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses, Reuters reported. FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors. 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. FTX will explore sales, recapitalizations or other strategic transactions for some of its units, the company's new Chief Executive officer John Ray said in a statement. In a court filing on Saturday FTX asked for permission to pay pre-petition claims of up to $9.3 million to its critical vendors after an interim order and up to $17.5 million after the entry of the final order. The exchange said that if it fails to receive the requested court relief, it will result in "immediate and irreparable harm" to its businesses.
