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FTX’s European Operations up for Sale Amid Cryptocurrency Chaos

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.

READ MORE: Bitcoin’s 80% Surge in 2023: A Positive Omen for its Future?

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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