Bankrupt cryptocurrency exchange FTX has sought professional guidance from Mike Novogratz-owned Galaxy to optimize the value of its vast array of crypto assets.。FTX plans to delve into cryptocurrency pledges, hedging, and selling its $3 billion-worth of crypto assets。

According to a court filing, the exchange faces a challenge to return funds to creditors in fiat currency rather than volatile cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).。The company aims to leverage Galaxy's experience, particularly through its subsidiary Galaxy Digital.。

The FTX debtors said: "In general, the investment guide will provide for the sale of certain debtors' digital assets over time and the hedging of debtors' Bitcoin and Ether prior to the sale.。"There is a liquidity hedging market for two digital assets, Bitcoin and Ether, and hedging will reduce the debtor's exposure to adverse price fluctuations."。"

Maximize value for FTX customers

FTX's strategy is not just about risk management, the exchange has also taken the risk of pledging certain digital assets。This step reportedly has the potential to generate passive gains。In addition, the exchange is exploring the concept of controlling sales through weekly limits.。According to the company, the method is designed to prevent a sharp drop in the price of crypto assets that could take advantage of short sellers.。

The aftermath of the FTX crash continues to be turbulent。In a recent report, the exchange's debtors clashed with the Official Committee of Unsecured Creditors (UCC) in a battle for control of the company's assets.。The disagreement comes as FTX prepares to restart operations outside the US。

At the heart of the controversy is the UCC's proposal to invest a large amount of money ($2.6 billion) from FTX cash reserves in short-term Treasuries.。However, the proposal was strongly opposed by FTX debtors, who argued the move could hamper the exchange's plans to restart operations.。

Misaligned asset allocation

A week ago, FTX reached an agreement with Genesis, the same bankrupt digital asset lender, to resolve a dispute involving $4 billion that FTX originally sought.。The agreement reportedly requires Genesis to pay FTX-affiliated cryptocurrency trading firm Alameda Research 1.$7.5 billion。The settlement was reached "in principle" in July.。

Meanwhile, former FTX CEO and cryptocurrency billionaire Sam Bankman-Fried pleaded not guilty in response to the latest indictment filed against him by U.S. prosecutors.。He previously pleaded not guilty in January to eight criminal charges, including wire transfer and securities fraud.。