Samuel Bankman-Fried’s (SBF) bankrupt FTX exchange filed a motion to sell and hedge its cryptocurrencies and convert them to fiat, to pay back its cre
was opposed by the US Trustee, citing that the crypto trading platform violated a Local Rule, 4001-2. This rule is a requirement that is applicable to rules for all cash collateral and financing requests under section 363 and 364 of the US Bankruptcy Code.
The office oversees the conduct of bankruptcy parties on behalf of the US Government, therefore the court filing of September 7, holds significance. It is likely that FTX’s plan to convert its crypto to fiat and earn through staking or trading, may be quashed.August 23 motion. The court’s ruling on the motion could make or break SBF’s exchange’s plan to pay its creditors in fiat currencies.
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