FTX sells Ledgerx Exchange for $ 50 million in the middle of insolvency renovation

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Despite the intensive examination by the US regulatory authorities, FTX continues to receive offers from companies that could help him to recover from bankruptcy-or at least pay its creditors.

On April 25, the former cryptoriste announced the conclusion of a deal with a subsidiary of Miami International Holdings (Miax Technologies), a US company that operates global financial platforms and execution services, to conclude the sale of Ledgerx, a licensed appointment and option exchange in the USA and regulated by CFTC.

According to the announcement, the only remaining step is the approval of the US bankruptcy court, which is planned for May 4, 2023 to complete the company's difficult company sale. This is subject to the fulfillment of certain regulatory obligations and the lack of objections on the part of the CFTC.

ftx DeBors is pleased to reach an agreement on the sale of Ledgerx to MiH. Read details here: https://t.co/wfijfufwbw

- ftx (@ftx_official) 25. April 2023

The sale will monetize FTX and meet customer obligations

John J. Ray III, Chief Executive Officer and Chief Restructuring Officer from FTX DeBtors, said they were pleased to have made an agreement with MIH to complete the sale of one of the US subsidiaries from FTX and contribute to monetization of the bankrupt stock exchange.

"We are pleased about this agreement with MIH, which is an example of our persistent efforts to monetize assets in order to enable interest groups."

After completing the transaction, FTX debtor received about $ 50 million from M7 Holdings, the MIH subsidiary, which won the LedGerx auction, which was held by the US court on April 4th.

According to initial investigations,

After his collapse, FTX had debts of more than $ 3 billion. Shortly after John Ray took over the company, over $ 740 million was reclaimed in funds. The new FTX administration does everything to secure as much money as possible to repay the creditors. This sale is just one from a number of shops that FTX could complete.

LedGerx remained insolent during the entire FTX test

ledgerx was one of the FTX subsidiaries that were solved during the examination by the stock exchange according to the losses of several million dollars caused by their former CEO Sam Bankman-Fried.

In view of this, judge John Dorsey approved the sale of the derivative platform as well as other Japanese and European subsidiaries during a presentation before the US bankruptcy court in early January 2023.

Since then, FTX had received at least 117 offers from various interested bidies to buy the assets of the stock exchange. So far, however, a formal agreement has not been made with any party that met the requirements of the company.

According to Miax, the purchase contract will enable the company to take control of all of Ledgerx, LLC (Ledgerx) by Ledger Holdings, Inc. (LHI) issued and floating membership shares "and certain of its connected companies, according to which LHI is a celebration."

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