FTX received court approval to sell over $3 billion worth of cryptocurrency that has been frozen since the exchange’s collapse, a move that would help repay its customers and reduce its exposure to sudden changes in crypto prices, WSJ Pro Bankruptcy reported. While FTX has said its nearly 10 million customers likely won’t recoup all the crypto they deposited, the company has been seeking approval in bankruptcy court to sell assets that would partially reimburse them. FTX also said it wants to sell its tokens that have been frozen in bankruptcy for dollars to cut its exposure to swings in crypto prices. FTX lawyers said yesterday that because customer funds were commingled into a general account at the bankrupt exchange, there was no way to track down which user owned any particular coins. The assets in question are the property of FTX’s chapter 11 estate, said FTX lawyer Andrew Dietderich.
