FTX, the defunct crypto exchange, has officially announced Galaxy Asset Management as the authorized intermediary to facilitate asset sales during the bankruptcy proceedings. This move aims to streamline the process and ensure compliance with legal requirements.

In a recent communication with the community, FTX clarified that any sale of digital assets by FTX debtors, as mandated by the bankruptcy court, will be managed exclusively by Galaxy Asset Management, the court-appointed investment manager.

FTX Debtors’ sale of Digital Assets pursuant to Bankruptcy Court Order no. 2505 is exclusively being handled by Galaxy Asset Management (GDAM@galaxy.com).

Despite clear directives from FTX, unauthorized third parties have attempted to solicit bids from potential buyers on behalf of debtors, posing a challenge to the process. FTX reiterated that all sales and solicitations will strictly adhere to legal requirements, with a focus on institutional buyers or those compliant with regulations.

FTX also confirmed that the terms and conditions governing the unlocking schedule of locked digital assets remain unchanged, providing reassurance and stability amidst the legal proceedings.

This decision to appoint Galaxy Asset Management as the intermediary follows FTX’s plea to the court, highlighting the asset manager’s expertise in crypto management. The partnership aims to expedite asset recovery and facilitate customer fund reimbursement in a compliant manner.

Despite the challenges faced by FTX, the company has made significant progress in recovering assets, with plans to repay former customers using the recovered funds. Recent approvals from the U.S. Bankruptcy Court for asset sales further solidify FTX’s commitment to resolving its financial obligations.

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