FTX will sell or restructure global empire, CEO says
FTX’s new CEO said on Saturday that the bankrupt crypto exchange is looking to sell or restructure its global empire, even as Bahamian regulators and FTX squabble in court filings and press releases about whether the bankruptcy filing should proceed in New York or in Delaware.
“Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises,” FTX chief John Ray, said in a statement.
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Ray, who replaced FTX’s founder Sam Bankman-Fried when the company filed for Chapter 11 bankruptcy protection on Nov. 11, added that it is “a priority” in the coming weeks to “explore sales, recapitalizations or other strategic transactions with respect to these subsidiaries, and others that we identify as our work continues.”
Ray’s statement came with a flurry of Saturday morning filings in Delaware bankruptcy court. In those filings, FTX asked for permission to pay outside vendors, consolidate bank accounts, and establish new ones.
The exact timing of a possible sale is unclear. FTX indicated that it has not set a specific timetable for the completion of this process and said that it “does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.”
Both FTX and Bahamas securities regulators are seeking jurisdiction over the bankruptcy process in two different U.S. courts. Last week, Bahamian regulators moved potentially hundreds of millions of “digital assets” from FTX custody into their own, acknowledging the deed in a press release after FTX attorneys accused them of doing so in an emergency court filing.
Ray singled out some of the company’s healthier subsidiaries for praise. One example was LedgerX, a Commodity Futures Trading Commission-regulated derivatives platform. LedgerX was one of the few FTX-related properties that are not a part of its bankruptcy proceedings and remains operational today. The platform, which FTX acquired in 2021, lets traders buy options, swaps and futures on bitcoin and ethereum.
The new FTX CEO asked that employees, vendors, customers, regulators and government stakeholders “be patient” with them.
FTX said in a filing that there could be more than one million creditors in these Chapter 11 cases.
FTX and its accountants had identified 216 bank accounts, across 36 banks, with positive balances globally. Cash balances across all entities totaled some $564 million, with $265.6 million of that in the custody of LedgerX on a restricted basis.
FTX attorneys also want to employ a “cash pooling system,” merging all the cash assets of each disparate FTX entity into one consolidated balance statement and in new bank accounts, which FTX is currently in the process of opening.
Notably, FTX attorneys wrote that they were “working, and will continue to work, closely with [existing FTX banks] to ensure that prior authorized signatories do not have access” to any prior FTX accounts that will continue to be used. Prior reporting and court filings have indicated that Sam Bankman-Fried held nearly absolute control over cash management and account access.
FTX’s bank accounts reflect the global influence of the crypto-asset empire. Institutions in Cyprus, Dubai, Japan and Germany held a wide array of global currencies. FTX subsidiaries held more than a dozen accounts at Signature Bank, an American institution that made an aggressive foray into servicing crypto customers in 2021. With the exception of one Bank of America account for Blockfolio, major American banks are unaccounted for on the list. Blockfolio was acquired by FTX in the summer of 2020.
In another petition, FTX lawyers moved to access $9.3 million for vendor payments that FTX called “critical.” No list was provided, but the FTX motion established criteria for “critical vendor” status.
In welcome news for customers, FTX attorneys applied to the court for permission to redact “certain confidential information,” including the names and “all associated identifying information” of FTX’s customers. “Public dissemination of [FTX’s] customer list could give […] competitors an unfair advantage to contact and poach their customers,” the filing read, potentially jeopardizing FTX’s ability to sell off assets or businesses.
FTX lawyers want the proceedings to continue in Delaware. Bahamas regulators, on the other hand, claim they do not recognize the authority of those Chapter 11 proceedings and want to hold a Chapter 15 process in New York.
Chapter 15 bankruptcy is the route that the defunct hedge fund Three Arrows Capital has pursued. The implosion of Three Arrows launched a spiraling crisis that has taken down Voyager, Celsius, and ultimately FTX.
The Chapter 11 process that FTX seeks would allow for restructuring or sale of the company to the highest bidder, although it isn’t clear who that might be. Rival exchange Binance initially made an offer before pulling it. That turnaround deepened a liquidity crisis at FTX and revealed a multibillion-dollar hole.
FTX’s first hearing in its bankruptcy court case is set for Tuesday in Delaware.
Environment
Royal Enfield unveils Flying Flea S6 scrambler-style electric motorcycle built for urban adventure
Royal Enfield’s new electric motorcycle brand, Flying Flea, just pulled the wraps off its second model – the scrambler-inspired FF.S6 – at EICMA 2025, and it’s an agile, tech-packed machine that brings serious trail-ready vibes to city streets.
Inspired by the iconic 1940s Flying Flea motorcycle (which was literally parachuted into battle, hence the logo), the FF.S6 is a modern reimagining with off-road chops and futuristic tech. Royan Enfield assures us that this is a far cry from an average urban electric motorcycle. Instead, it’s a lightweight, connected, and capable machine that blends classic scrambler style with serious smart features.
Built on a lightweight frame with staggered 19-inch front and 18-inch rear wheels, a USD front fork, and chain final drive, the FF.S6 is ready for both tight urban corners and loose gravel backroads. A high-torque electric motor paired with a magnesium finned battery case keeps weight low while enhancing cooling, and the long enduro-style seat offers comfort for longer rides.
Tech-wise, the FF.S6 goes way beyond what you’d expect from a typical commuter. A circular high-res touchscreen display nods to the original Flying Flea while delivering fully connected features, including lean-angle sensing ABS, traction control, off-road mode, and built-in navigation. Voice Assist lets riders launch music or maps hands-free through their phone, and OTA updates ensure the bike gets smarter over time.
The system is powered by a Snapdragon QWM2290 processor, the same class of chip you’d find in advanced smartphones. Riders can use a smartwatch or phone app to manage everything from keyless start to charging status and diagnostics.
Production of the FF.S6 is expected to begin by the end of 2026.
Electrek’s Take
Sure, this is largely just an experiment in applying some mods to the same motorcycle prototype that Royal Enfield showed us last year, but it’s a cool-looking example of it! And while we’re still waiting to see what these bikes will cost (not to mention a few more hard and fast tech specs), I’m glad to see that Royal Enfield’s Flying Flea team is jumping in with bold design and bleeding-edge software. The FF.S6 looks like a scrambler but thinks like a smartphone and rides like an urban bike – likely. And for a new wave of connected urban riders, that might be the perfect combination.
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Earlier this year, we covered the unveiling of the NIUMM, an electric microcar designed for urban residents (and especially those with a NIU scooter already, since it shares the same batteries). Now the company is actually bringing it to market.
The electric microcar was on display at EICMA 2025, the Milan Motorcycle Show, where NIU showed off how it shares the same drivetrain as its NQi-series scooters.
The small format L6e quadricycle uses a pair of NQi batteries – the same ones from NIU’s scooters – to power the little not-a-car up to around 70 km (43 miles) at speeds of up to 45 km/h (28 mph). That’s the maximum allowable speed for the L6e class.
For anyone who already owns the scooter, those two batteries may be sufficient. But the range can be nearly doubled by carrying a second pair of batteries in the convenient extra battery slots built into the vehicle.
When the NIUMM was originally launched, it wasn’t yet clear if it was actually headed for production, or at least when that may be. But NIU’s Director of International, Sieghart Michielsen, explained that the vehicle is finishing homologation testing now, marking the last major obstacle to its commercial launch.
L6e quadricycles have carved out a unique and growing niche in European cities, where their compact size, low speed, and lightweight classification make them ideal for navigating dense urban environments. These light four-wheeled vehicles are limited to a top speed of 45 km/h (28 mph) and a maximum weight of 425 kg (excluding batteries), allowing them to be driven with a moped license in many countries.
That accessibility, combined with their affordability and electric drivetrains, has made L6e quadricycles especially popular among teenagers, city dwellers, and older adults looking for an easy-to-use alternative to cars.
One of the most iconic examples is the Citroen Ami, a no-frills, ultra-compact electric vehicle that has gained cult status in urban areas thanks to its minimalist design, €7,000 price tag, and availability through subscription or car-sharing services. My wife and I spent a week living with a Citroen Ami while on vacation in Greece, and it proved to be a fascinating way to navigate around.
Other standout L6e models like the Renault Twizy, the Microlino, and the Eli Zero, have helped demonstrate real demand for niche, small vehicles. These vehicles offer just enough comfort and protection from the elements for short city trips, while avoiding the cost, complexity, and parking headaches of full-size cars –making them an increasingly attractive option in Europe’s car-light future.
NIU could leverage the growing momentum for these types of vehicles if it can stick the landing with the NIUMM. While we still don’t have solid pricing or availability timelines yet, it looks like we’re looking at sooner rather than later.
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