FTX’s European Operations up for Sale Amid Cryptocurrency Chaos
The insolvent FTX cryptocurrency exchange has announced its intention to investigate the possible sale of its European operations.
FTX Europe AG, the holding company for its European business, has applied for a Swiss moratorium, as stated in a press release issued on April 12.
The moratorium aims to enable the company to explore strategic alternatives, including the sale of its business, which was previously disclosed as part of the US Bankruptcy Court-approved bidding procedures.
The Swiss court has appointed an administrator for FTX Europe AG, whose name remains undisclosed. In March, FTX EU established a website to allow its European customers to request withdrawals.
Recent reports claim that the bankrupt exchange stored its cryptocurrency wallets’ private keys on Amazon Web Services (AWS).
Additionally, it used QuickBooks and Microsoft Excel to manage accounting for multiple entities, which was reportedly disorganized and error-prone.