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Swiss Court Allows FTX to Explore Sales of European Business

Bankrupt crypto exchange FTX has announced that it will explore the sale of its European business. FTX Europe AG, the holding business for its European arm, has filed a petition for a Swiss moratorium to facilitate the exploration of strategic alternatives, including the potential sale of the business. FTX EU opened a website for its European customers to submit withdrawal requests in March, and the moratorium does not affect this process. The Swiss court has appointed an administrator for FTX Europe AG. Recent reports also revealed that FTX allegedly stored the private keys to its cryptocurrency wallets on Amazon Web Services and managed accounting across multiple entities in a disorganized and error-prone manner.

(By Oluwapelumi Adejumo)

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