FTX FILES TO SELL SUBSIDIARY ACQUIRED FOR $10 MILLION TO COINLIST FOR $500,000

Summary from the TLDR Crypto newsletter

The FTX estate is reportedly planning to sell its subsidiary Digital Custody Inc. to CoinList for $500,000 despite acquiring it for $10 million in 2022. The sale is financed by Terence Culver, the former CEO of Digital Custody. According to FTX's lawyers, the reason for the sale is the company's inability to revive FTX.US, which rendered Digital Custody useless to its business. The deal allows FTX time to find a better offer.