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FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings – Bitcoin News

FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings

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In a recent development, debtors in the Chapter 11 bankruptcy proceedings of FTX have requested the dismissal of two Turkish entities from the proceedings. The request was made in a filing with the U.S. Bankruptcy Court for the District of Delaware on April 14.

FTX, a cryptocurrency derivatives exchange, filed for bankruptcy in February 2021, citing a “lack of liquidity” and “operational challenges”. The filing listed assets of $2.3 million and liabilities of $8.3 million.

The two Turkish entities, Borsa Istanbul and the Istanbul Clearing, Settlement and Custody Bank (TCCB), have been listed as creditors in the bankruptcy proceedings. The debtors have now requested their dismissal, citing the fact that they are not subject to the jurisdiction of the court.

The filing states that the debtors “believe that the Turkish entities are not subject to the jurisdiction of this court, and that they should be dismissed from the case.” The filing also notes that the debtors have “made a good faith effort to contact the Turkish entities, but have not been able to reach them.”

The debtors have asked the court to allow them to proceed with the case without the Turkish entities. The filing states that the debtors “believe that the Turkish entities are not necessary parties to the case, and that the debtors can proceed without them.”

The case is still ongoing, and it remains to be seen if the court will grant the debtors’ request. If the court does dismiss the Turkish entities, it could have a major impact on the case and the outcome of the bankruptcy proceedings.

The FTX bankruptcy has been closely watched by the cryptocurrency community, as it is one of the first major bankruptcies involving a cryptocurrency derivatives exchange. The case is a reminder of the risks associated with trading in the volatile cryptocurrency markets, and the importance of doing due diligence before investing.

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