- Wintermute joins FTX creditor committee, bringing deep crypto market experience
- Justice Department takes firm control of FTX liquidation via appointed committee
- Global creditors now have direct influence over FTX asset recovery process
The United States Department of Justice has stepped directly into the FTX bankruptcy process. It has appointed a nine-member committee of unsecured creditors to help oversee the recovery of assets. These creditors are now officially involved in managing the liquidation of FTX’s remaining assets to repay what is owed.
Significantly, one of the committee members includes Wintermute Asia PTE. Ltd., a well-known liquidity provider in the crypto space. This development adds new weight to the bankruptcy process, as industry professionals now have a front-row seat in shaping the outcome.
Besides Wintermute, the committee includes a blend of individuals and investment firms across the globe. The goal is to provide a broader representation of creditor interests. This committee now serves as a major voice in the Chapter 11 proceedings filed in the District of Delaware. The group will work alongside federal officials to ensure maximum value recovery from the assets of FTX and its related entities.
Found it: Look at bulletpoint 9.
— MartyParty (@martypartymusic) April 5, 2025
Look who got the job of liquidating all the #FTX assets to pay cash to creditors.
Boom. https://t.co/A5eZz5fuKT pic.twitter.com/mrNMdVjFXE
Wintermute’s Involvement Signals Institutional Oversight
Wintermute’s inclusion may be the most notable among the list. It shows the seriousness of the effort to recover funds with market experience. Based in the UK, Wintermute has deep ties across centralized and decentralized finance.
Consequently, their insight into crypto market mechanics could improve the efficiency of asset recovery and liquidation. This could lead to better decisions on how to manage and sell illiquid or volatile tokens that still sit on FTX’s books.
Moreover, Wintermute’s track record includes providing liquidity during turbulent market conditions. Hence, its expertise might help stabilize the asset sales process while avoiding unnecessary panic.
Other committee members include Coincident Capital, GGC International, and several international creditors. These firms are likely to influence decisions on how much creditors eventually recover.
Justice Department Takes Strong Control
The committee was formed under Section 1102(a)(1) of the U.S. Bankruptcy Code. The Office of the U.S. Trustee, represented by Juliet Sarkessian, is actively involved in supervising the case.
Additionally, the Department of Justice’s oversight suggests a high level of scrutiny and structure moving forward. That might calm market nerves that still exist after the collapse of FTX.
The case remains under the supervision of the U.S. Bankruptcy Court in Delaware. Legal representatives, including attorneys from Landis Rath & Cobb LLP, are assisting with procedural steps. This structured setup suggests that all asset sales, creditor negotiations, and eventual distributions will face ongoing federal oversight.
