.FTX_Official's Australian entities have handed control to administrators after SBF_FTX did not attend a board meeting, the Australian Financial Review reported. By amitoj
When a company enters administration, management hands over control to licensed insolvency practitioners, who independently assess its financial situation. The administrators' options include restructuring, liquidation of assets, distributing proceeds or recovery of value on behalf of stakeholders.
Bankman-Fried is one of the three directors of FTX Australia. The local directors put the operations in the hands of administrators from , who have begun examining the crypto exchange's books to see whether there are enough assets to pay back local customers.on the firm's relationship with its trading partner Alameda and the subsequent withdrawal of Binance from a mooted takeover.
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