{"id":70180,"date":"2022-11-16T17:06:58","date_gmt":"2022-11-16T15:06:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70180"},"modified":"2025-09-08T00:34:50","modified_gmt":"2025-09-07T21:34:50","slug":"ftx-bahamas-unit-seeks-chapter-15-bankruptcy-protection-in-the-united-states","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ftx-bahamas-unit-seeks-chapter-15-bankruptcy-protection-in-the-united-states\/","title":{"rendered":"FTX Bahamas unit seeks Chapter 15 bankruptcy protection in the United States"},"content":{"rendered":"

FTX Digital Markets (FDM), the Bahamas-based subsidiary of FTX, filed in the Southern District of New York a petition under Chapter 15<\/a> of the U.S. Bankruptcy Code. Bloomberg reports.<\/p>\n

Under the law, such a step eases the handling of cross-border insolvency matters involving assets and entities located in more than one jurisdiction.<\/p>\n

Chapter 15 could shield FDM from asset seizures on U.S. soil during liquidation in the Bahamas<\/a>.<\/p>\n

Recognition of the foreign proceeding by a U.S. court will stay lawsuits against the company, CoinDesk reports. Other parties have three weeks to object.<\/p>\n

On November 11, the parent company FTX, Alameda Research, and about 130 affiliated firms filed for bankruptcy<\/a>.<\/p>\n

On the same day, the Securities Commission of the Bahamas blocked the assets of FTX Digital Markets<\/a> and other entities linked to the company, and suspended its license.<\/p>\n

The operator of the bitcoin exchange has more than a million creditors<\/a>, according to court filings. Bloomberg deemed client recoveries unlikely<\/a>.<\/p>\n

Follow ForkLog’s bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX Digital Markets (FDM), the Bahamas-based subsidiary of FTX, filed in the Southern District of New York a petition under Chapter 15 of the U.S. Bankruptcy Code. Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":70181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1899,1236,26],"class_list":["post-70180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bahamas","tag-ftx","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=70180"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70180\/revisions"}],"predecessor-version":[{"id":70182,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70180\/revisions\/70182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70181"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}