FTX, which is in the midst of bankruptcy proceedings following its catastrophic collapse, has managed to find a sale agreement for one of its affiliated companies. The crypto derivatives platform LedgerX will be sold for $50 million. What to feed even more the coffers intended for the injured investors.
FTX sells affiliate, LedgerX
Acquired in 2021, the LedgerX platform allowed FTX.US to offer derivatives in the United States, a territory where they are highly regulated. At the time, the monthly volume of derivatives processed by LedgerX exceeded $500 billion. The company was therefore one of the flagships of the FTX ecosystem.
The new management of FTX, which is managing the bankruptcy process, thus has a clear interest in selling LedgerX, in order to continue to gather liquidity. intended to repay the creditors of the exchangee. Last December, it announced that LedgerX, alongside FTX Japan, FTX Europe and Embed Business, was among the list of companies it wanted to sell.
It is now done: a sales agreement has been reached with a subsidiary of Miami International Holdings. This agreement will have to be validated by the court of the United States, which manages bankruptcies. The buyout is $50 million. The new CEO in charge of FTX’s bankruptcy proceedings, John Ray, welcomed the agreement:
“We are pleased to have reached this agreement with MIH, which shows our continued efforts to monetize holdings, to provide refunds to stakeholders.»
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Any upcoming refunds for FTX users?
In recent weeks, news have been quite positive for former FTX users, who still have their funds blocked on the platform. The various sales have allowed the teams to recover more than $7 billion – but it is unclear how much the total losses are.
In addition, several scenarios have been considered for the future… Including a reopening of the trading platform. The teams in charge of the bankruptcy procedure are exploring the idea, which would allow aggrieved customers to have an interest in the company. This of course raises concernsespecially since a recent report shed light on the disastrous management of FTX by Sam Bankman-Fried and his associates.
But that doesn’t stop those interested. We learned a few days ago that the American venture capital company, Tribe Capital, was ready to inject a substantial sum to relaunch FTX. $250 million would be used to refloat the exchange. However, one question remains: who would be willing to continue using the fallen exchange?
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Source: Reuters
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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