FTX Believes Releasing Customer List Will Harm The Sale Value

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FTX
FTX

The entire customer list of around nine million FTX users is quite extraordinarily valuable and could harm the sale value of the crypto exchange if it was released. This was argued by one member of the restructuring team of the company. In a release court hearing from 8th June, Kevin Cofsky, one of the partners at Parella Weinberg- an investment bank that is on retainer by the company- stated that if the competitors were to gain any hint or iota of knowledge regarding the customer base of this company, it could be quite detrimental to the restructuring efforts of the exchange.

For those unaware, Cofsky is also part of the team that aims at squeezing the maximum amount of value from FTX which could potentially involve a potential sale for the exchange. 

FTX’s Customer List Isn’t Up For Sale

The list of FTX customers is currently under lock and key, but one objection to this decision was filed by some of the mainstream media outlets, which includes The Financial Times, Bloomberg, The Wall Street Journal’s parent firm, Dow Jones and Company, and The New York Times.

The media organizations have argued that the public and press have presumptive right access to bankruptcy filings. According to Cofsky, the company has already initiated a significant process of soliciting some form of interest from investors, buyers, or even a relaunch of the exchange, which entails that the list of customers is extremely valued and valuable by those who have been interested in this business. 

Cofsky also believes that even if the exchange isn’t sold, or manages to find investors, a relaunch of this exchange could see the creditors collect a portion of the trading fees on what has been considered a first-class, and regulatory-compliant FTX.