The current FTX team requests the court to approve the sale of LedgerX and three other subsidiaries

ChainCatcher news, according to The Block, the current team of FTX has requested the U.S. federal bankruptcy court to auction off FTX's subsidiaries, including the derivatives trading platform LedgerX, the stock clearing platform Embed, FTX Japan, and FTX Europe, early next year. The law firm Sullivan and Cromwell explained, "The longer these companies remain suspended, the greater the risk to the value of the assets and the risk of permanent license revocation."

Initial bids will be due from mid-January to early February, with final bids taking place from mid-February to mid-March, and the auction date set for late February to late March. Following these auctions, U.S. Delaware bankruptcy court judge John Dorsey will hold a hearing to approve the winning bids. Objections to the sale proposals will be due by December 29, with a hearing on the matter scheduled for January 11. (The Block)