FTX, the troubled exchange, has signed an agreement with Miami International Holding to sell its subsidiary LedgerX LLC for $50 million. This sale will pay off FTX’s creditors. However, the exchange must obtain approval from the U.S. bankruptcy court before finalizing the sale.
FTX sells LedgerX for $50 million to pay off debts
The exchange platform FTX, which has been in bankruptcy since November, is seeking to raise funds to pay its debts, and have announced on April 25 the sale of its subsidiary of derivatives trading LedgerX LLC for $50 million to Miami International Holdings (MIH). The sale is scheduled for May 4, one month after the auction of LedgerX organized by the bankruptcy court.
We are pleased to have reached this agreement with MIH, an example of our efforts to monetize assets and provide recoveries to stakeholders.FTX CEO statement, John Ray
LedgerX a subsidiary of MIH, is a global financial exchange operator and execution services. As of August 2021, FTX.US a subsidiary of FTX, is the owner. More than 100 companies affiliated with FTX filed the bankruptcy petition, but Ledger X was not listed as a debtor. A notice of order to sell was filed under seal in February 2023 in the United States Bankruptcy Court in Delaware.
MIH has several crypto companies, including the Bermuda Stock Exchange and the Miami International Securities Exchange. FTX recently agreed to sell its interest in the start-up Web3 Mysten Labs for $95 million.
This month, FTX executives said they recovered nearly $8 billion. This allows them to pay off aggrieved creditors and customers or restart their operations in the market.
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