In a recent development, FTX, the once-bankrupt exchange, has sounded a warning bell regarding unauthorized solicitations for bids on its assets during the process of settling its obligations post the 2022 collapse. Here’s what you need to know:

In a post dated March 1, FTX alerted the public that the sale of digital assets, as mandated by the bankruptcy court, is under the exclusive management of Galaxy Asset Management, the authorized investment manager. Despite this, several non-authorized third parties have been attempting to solicit bids from potential buyers on behalf of FTX Debtors, the former exchange clarified.

Furthermore, FTX emphasized that any sale of locked digital assets by the debtors would adhere to the terms and conditions governing the unlocking schedule of these holdings.

FTX, in its efforts to restructure and repay creditors, has recovered assets amounting to $7 billion, which are earmarked for repaying former customers.

A significant move came with the approval from the United States Bankruptcy Court for the District of Delaware on February 22, allowing FTX to proceed with the sale of its stake in the AI firm Anthropic, valued at over $1 billion.

This decision followed a motion filed by FTX to sell its 7.84% stake in Anthropic, initially invested in April 2022. This investment preceded FTX’s collapse and subsequent filing for Chapter 11 bankruptcy in November of the same year.

In a separate development, FTX debtors proposed reimbursement for claimants based on crypto asset prices at the time of bankruptcy. However, the creditors suggested "in-kind" repayments for crypto holdings, a proposal rejected by Judge John Dorsey in a ruling on January 31, citing clarity in the law on the matter.

The situation is further compounded by the legal woes of former FTX CEO Sam Bankman-Fried, who was found guilty of seven charges in a criminal trial on November 3, 2023. Bankman-Fried faces sentencing on March 28, potentially subject to a maximum prison term of 110 years.

In summary, FTX's journey through bankruptcy continues to be fraught with complexities, with unauthorized solicitations adding another layer of challenge to its asset settlement process.