CoinList, a crypto sales platform, successfully acquired FTX's crypto storage unit, Digital Custody Inc. (DCI), for a very cheap price. CoinList only paid $500,000 or around IDR 7.8 billion for DCI, even though FTX bought it for $10 million or around IDR 156 billion in August 2022.
This was revealed in court documents filed by FTX's debtors, who filed for bankruptcy protection under Chapter 11 in the US in November 2022. FTX, one of the world's largest crypto exchanges, collapsed after being exposed by a scandal over the misuse of customer funds by its founder, Sam Bankman-Fried.
DCI is a company licensed by the state of South Dakota to provide crypto storage services and other digital assets. FTX initially bought DCI to support the operations of FTX US, a crypto exchange focused on the US market, and LedgerX, a crypto derivatives exchange and clearing house also owned by FTX.
Post FTX Bankrupt
However, after FTX went bankrupt, DCI was never integrated into FTX US or LedgerX's businesses. FTX then sold LedgerX in May 2023 and never sold or revived FTX US. DCI became an unproductive asset for FTX and burdened operational and maintenance costs.
Therefore, FTX's debtors decided to sell DCI to CoinList, which was one of the three parties interested in buying DCI. CoinList is funded by Terence Culver, former CEO of DCI who is also a current DCI board member. Culver provided a loan to CoinList through convertible debentures to purchase DCI.
DCI's sale to CoinList still has to get approval from the court. FTX's debtors are also willing to accept higher offers from other parties up to three days before the sale hearing. If the sale fails, CoinList will be entitled to $50,000 in damages from FTX.
FTX continues to work to resolve its financial problems and repay its creditors. FTX also plans to sell its stake in Anthropic, an artificial intelligence startup funded by FTX and Alameda Research, a crypto trading firm also owned by Bankman-Fried. Anthropic shares are estimated to be worth up to $1.4 billion.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
FTX Releases $1 Billion GBTC Shares and Its Impact on the Crypto Market
Get to know Quant Zone on FTX Exchange
5 Most Influential Women in the Crypto Industry in 2023
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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