Bankrupt cryptocurrency exchange FTX has hired U.S. crypto firm Galaxy to sell its remaining assets and digital holdings, according to newly released court filings.
Galaxy will help to hedge and sell the Bitcoin (BTC) and Ethereum (ETH) that FTX still has in its possession. Exactly how much crypto FTX still has is not publicly known.
FTX’s crypto holdings will also be staked, a process where cryptocurrencies are used to validate blockchain transactions, earning interest in the process.
The court filing said the goal of Galaxy’s involvement is to help maximize the return on FTX’s remaining assets, in particular its cryptocurrency holdings.
FTX filed for bankruptcy in November 2022 citing $8 billion U.S. in losses and listing more than 1,000 creditors.
The company’s founder Sam Bankman-Fried is being held in a New York prison while he awaits trial this October on charges that FTX misused billions of dollars worth of customer deposits.
Lawyers representing FTX said in court this week that the former crypto exchange is on track to conclude its bankruptcy proceedings in the second quarter of 2024.
Galaxy is a firm that focuses on cryptocurrency investments.
