Feb 16, 2023

Judge Dorsey Denies Motion to Appoint Examiner in FTX Bankruptcy Case

John Dorsey, a judge of the United States Bankruptcy Court for the District of Delaware, has denied a motion to appoint an independent examiner for FTX. During a Feb. 15 hearing, Judge Dorsey said that due to the cost of the examination, which could potentially exceed one hundred million dollars, appointing an examiner would be an “unnecessary burden” on FTX’s debtors and creditors.

“Every dollar spent in these cases on administrative expenses is a dollar less to the creditors,” Dorsey said.

The judge also noted CEO John Ray’s experience taking over other companies “in dire financial condition” and his decision to appoint four directors to oversee the silos compromising FTX following the removal of previous leadership. The judge ruled that Ray was “completely independent of prior management and the companies he was appointed to lead.”

This ruling came in response to a Dec. 1 motion from U.S. Trustee Andrew Vara, who argued that an examiner was “unquestionably in the interests of the Debtors’ creditors.” The motion also suggested that an independent investigation could explore whether software was allegedly used to conceal the misuse of FTX user funds, as well as the absence of proper recordkeeping at the firm.

FTX has been in the midst of bankruptcy proceedings since filing for Chapter 11 in November 2022. Debtors in the case recently filed that they had issued subpoenas to FTX insiders, including Bankman-Fried, ordering the former executives to turn over certain documents and information.

The web3 space has become increasingly popular as more people turn to cryptocurrency and non-fungible tokens (NFTs) for financial security. As such, NFT marketing is a key component of any crypto or web3 venture. Companies looking to break into the space need to ensure that their NFTs are properly promoted to reach the right audience.

Twitter NFT marketing is one of the most popular strategies for NFT promotion. Companies can use Twitter to spread the word about their NFTs, engage with potential customers, and build their brand. However, it can be difficult to know where to start, which is why many companies are turning to NFT marketing agencies for help.

NFT marketing agencies specialize in helping companies with their NFT promotion efforts. They can provide guidance on how to best promote NFTs, create engaging content for social media, and develop strategies for selling NFTs. By leveraging the expertise of an NFT marketing agency, companies can maximize their chances of success in the web3 space.

For those looking to break into the web3 space, FTX is a great place to start. While the company is still in bankruptcy proceedings, it is a great example of the potential of the web3 space. With the right strategy and the help of an NFT marketing agency, companies can leverage the power of the web3 space to reach new heights.

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.