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Auros bankruptcy protection filings show funds tied up on FTX

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Auros bankruptcy protection filings show funds tied up on FTX

Market making firm Auros filed to begin bankruptcy proceedings in the British Virgin Islands, court documents show.

A digital asset market maker and algorithmic trading platform, Auros maintained operations via “a series of loans and financing arrangements with various lenders.” However, Auros found its capacity to manage those agreements affected due to its exposure to the collapse of FTX, the filing said. Auros is based in the British Virgin Islands.

“A significant proportion of the Company’s assets” — worth roughly $20 million — were held on the FTX on Nov. 11, when FTX filed for Chapter 11 bankruptcy protection in the U.S., according to Auros. With those assets frozen, Auros was effectively rendered insolvent.

Auros now seeks an order to be liquidated by the court, and it has proposed Interpath Advisory as its liquidator.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.

Source: ethereum.today

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