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⚠️ FTX found billions but lost the Miami Heat arena
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👉 New details have appeared in the bankruptcy case of the FTX crypto exchange. Lawyers for Sam Bankman-Fried «suddenly discovered» (?!) cash and other liquid assets worth more than $5 billion, and are ready to urgently sell «additional» assets worth $4.6 billion to settle accounts with clients.
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The scandalous company is asking for permission to auction part of its business, while not disclosing the names of clients for at least six months. These assets were frozen at the time FTX filed for bankruptcy in November 2022, and do not include the $425 million seized by the Bahamas. The origin and composition of this capital are still being clarified.
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FTX intends to sell subsidiaries LedgerX, FTX Japan, FTX Europe and exchange clearing platform
Embed, which were less dependent on the main FTX network. Each of these companies has its separate client accounts and separate management teams. 117 buyers have already shown interest in these assets.
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However, a US Justice Department trustee opposes the sale of FTX-affiliated companies until a full fraud investigation is completed.
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Also in US federal court, a $135 million naming-rights deal on the name «FTX Arena» between the bankrupt FTX and Miami-Dade County was terminated. The abbreviation FTX will have to be removed from the name. However, now this emblem is actively used in advertising - in the press, on the roof of the arena, on the court, and the work clothes of the staff. And it is not yet clear how quickly all this can be removed, and how much it will cost.
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For the mention of the stock exchange in the name of the stadium where the popular Miami Heat basketball team plays, Miami authorities expected to receive $ 2 million annually for 19 years. Now the budget of the district, of course, has suffered, but a positive reputation has been maintained.
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Profits to y’all!