FTX Pay could integrate with Hayvn’s existing payment infrastructure
On November 19, FTX launched a comprehensive review of all of its internationally held assets to inquire about its bankruptcy filing. During this strategic review, which concerns FTX and its associated companies, FTX’s CEO had to collect as many assets as possible in order to reimburse all users and investors.
During this process, some companies were sold or restructured. After the review of its assets, John Ray the new CEO assured that a part of FTX’s businesses is intact.
This news has been welcomed by some figures in the crypto community who believe that a deal can still be made for FTX’s business. This is the case of Christophe Flinos, the CEO of Hayvn, a financial company regulated in Abu Dhabi to provide payment, custody and digital asset management services.
Christophe Flinos expressed his delight upon learning that some FTX-affiliated companies have solvent balance sheets. As such, he has proposed a deal to FTX. Hayvn plans to make an offer to acquire FTX Pay, a branch of the FTX Exchange declared bankruptcy on November 11.
In his statement on Friday, November 25, Christophe Flinos announced that he was in discussions about the potential acquisition of FTX Pay. However, they are awaiting court approval to proceed with the sales. He also announced that FTX Pay could integrate with their existing payment infrastructure Hayvn Pay.
FTX still in business despite bankruptcy
As of November 11, FTX has officially fallen into bankruptcy. Currently, it is under bankruptcy protection in the United States.
Indeed, a U.S. company files for Chapter 11 protection when it is unable to pay its debts. Nevertheless, it retains control of its operations, but under court supervision. The company does not completely cease operations.
In fact, this law appears to be at the mercy of FTX, as it allows it to escape its creditors. In addition, FTX reported on its Twitter account that West Realm Shires Services, Alameda Research and approximately 130 other partner companies have also filed voluntary Chapter 11 proceedings under the U.S. Bankruptcy Code in the District of Delaware. What about the fate of investors?
The latest news is that a restructuring plan has been put in place under the protection of the U.S. authorities within 120 days, starting on November 11. It will therefore take effect on March 10, 2023. Who knows if the deadline will be respected!
FTX’s new CEO complains about the state of the platform
On November 16, Sam Bankman-fried resigns as CEO of FTX after a discussion with his lawyers and his father Joseph Bankman.
John Ray, a lawyer expert in restructuring, took over the position of CEO of the company. He is leading the bankruptcy proceedings of FTX under the auspices of the American courts.
He seems to be competent in this field and was one of the people who supervised the liquidation of Enron, an energy broker found guilty of fraud and financial manipulation in 2001. So this is not a first for him.
After FTX filed for bankruptcy, John Ray was surprised by the way FTX operated and by the bizarre practices of its founder, Sam Bankman-Fried aka SBF.
Never in my career have I seen such a complete failure of corporate control mechanisms and such a glaring lack of reliable financial information.Extract from the court document addressed to the Delaware court.
The FTX collapse will go down in crypto history. Currently, several affected companies are struggling to recover. Stripped users are unable to access their funds. It’s already a dead company!
Currently, all that remains is the infrastructure (pieces of code), but some companies like Hayvn see this as an opportunity to rebuild their system. The United Arab Emirates continues its adoption of cryptocurrency.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.