According to a legal filing posted on Sunday, approximately 117 parties have expressed an interest in purchasing units of FTX, a crypto company that is currently undergoing bankruptcy proceedings. 

The estate overseeing the bankruptcy has prioritized the sale of LedgerX, FTX Japan, FTX Europe, and the stock-clearing platform Embed, arguing that these units are the easiest to separate and may lose value if not sold promptly.

Kevin Cofsky, a partner at Perella Weinberg, the investment bank hired by FTX Group to represent the collapsed company, stated in a legal declaration that “approximately 117 parties, including various financial and strategic counterparties globally, have expressed interest to the debtors [FTX] in a potential purchase of one or more of the businesses.”

According to a legal declaration by Kevin Cofsky, the investment bank hired by FTX Group to represent the collapsed company, FTX has entered into 59 confidentiality agreements so far. LedgerX, a derivatives arm of FTX US and one of the few units in the company’s portfolio that remains solvent, has received the most expressions of interest at 56. 

On Saturday, the U.S. Trustee, a branch of the Department of Justice (DOJ) responsible for bankruptcy cases, protested the proposed deal, stating that it must safeguard user privacy and that there should be no sale of potentially valuable assets where there are serious allegations of wrongdoing.

In response, FTX stated in a Sunday filing that it would not sell off any claims linked to former senior executives Sam Bankman-Fried, Gary Wang, Nishad Singh, or Caroline Ellison or their families due to the allegations made against them by the DOJ and securities and commodity regulators.

The deadline for submitting initial bids for the four units is set to expire between January 18 and February 1, but in a further Sunday filing, a committee representing FTX’s creditors said that they “cautiously agree” to proceed with the sale, but added that they do not see the need to rush.

FTX Team Spent $40 Million On Food, Luxury Hotels, Flights and More In 2022

Business Insider India reported that according to bankruptcy court documents reviewed by Insider, the crypto exchange FTX spent approximately $40 million in just over nine months on expenses including hotels, entertainment, and flights.