Feb 16, 2023

Judge Denies FTX Examiner Appointment

Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware has denied a motion to appoint an independent examiner for FTX. The motion, filed by U.S. Trustee Andrew Vara on December 1, argued that an examiner was in the best interest of FTX’s debtors and creditors.

At a Feb. 15 hearing, Judge Dorsey said that appointing an examiner would be an “unnecessary burden” and that the additional expense could cost “tens of millions of dollars” or even exceed “one hundred million dollars.” He also cited CEO John Ray’s experience taking over other companies and his decision to appoint four directors to oversee the silos compromising FTX following the removal of previous leadership, as well as the fact that Ray was “completely independent of prior management and the companies he was appointed to lead.”

FTX filed for Chapter 11 bankruptcy in November 2022, and since then, debtors in the case have issued subpoenas to FTX insiders, including former CEO Sam Bankman-Fried, ordering the former executives to turn over certain documents and information.

The FTX bankruptcy case has provided a unique opportunity to explore the possibilities of web3 and the use of NFTs to promote and sell crypto. As a result, a number of NFT marketing agencies have sprung up to help businesses leverage the power of NFTs. These agencies specialize in helping businesses create and promote NFTs, as well as leveraging Twitter for NFT marketing.

With the emergence of NFT marketing agencies, businesses now have the ability to create unique and engaging experiences for their customers. These experiences can range from creating digital art pieces to offering exclusive rewards for their customers. Businesses can also use NFTs to promote their products and services, creating a unique way to reach potential customers.

In addition to NFT marketing, businesses can also use NFTs to raise funds. NFTs can be used to create a digital asset that can be sold to investors, allowing businesses to raise capital without having to go through the traditional venture capital route.

Ultimately, the FTX bankruptcy case has highlighted the potential of web3 and NFTs, and has created a number of opportunities for businesses to explore. With the help of NFT marketing agencies, businesses can leverage the power of NFTs to create unique experiences for their customers and to raise capital.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.