FTX Agrees to Sell its Derivatives Platform LedgerX for $50M
Bankrupt crypto exchange FTX on Tuesday agreed to sell its crypto derivative platform LedgerX to an affiliate of Miami International Holdings INC at a whopping cost of $50M. John Ray, CEO of FTX said that this is their effort to maximize the recovery of their stakeholders by monetising their assets.
Hearing on 4th of May
The hearing for this matter is set to take place on the 4th of May at the US bankruptcy court. After that, the court will decide whether they should approve this deal or not. FTX filed for bankruptcy in November which is by far one of the greatest crypto firm failures. Traders took out billions of dollars in a matter of few days.
This led to a huge crisis and its rival Binance came to the rescue. Since then, the situation in FTX is not so good but it has managed to recover assets worth $7.3B. Though FTX acquired LedgerX, it has been omitted from bankruptcy by the US regulators. At the current moment, they are only focused on repaying their customers and stakeholders. FTX also plans to sell its stake in Mysten Labs, a Web 3 startup for $95M.
The buyer of LedgerX, Miami International Holdings Inc also holds several exchanges including the Miami International Securities Exchange, Bermuda Stock Exchange and several other exchanges that are registered in the US. Well, the company has agreed to buy LedgerX but it has not made any further comments.
Sam Bankman Accused of Fraud
Sam Bankman, the founder of FTX and several other employees of the insider circle have been accused of fraud. He still stands still in his decision claiming he is not guilty. Whereas, the other employees have accepted the charges on them.
