HomeTechnologyFTX Authorized to Sell LedgerX to Repay Creditors: Court Decision

FTX Authorized to Sell LedgerX to Repay Creditors: Court Decision

FTX, the bankrupt crypto exchange, has been granted permission by the US bankruptcy court to sell its crypto derivatives trading platform LedgerX for $50 million. This move is expected to raise additional funds to repay FTX’s creditors, as the exchange is currently attempting to repay an estimated $11 billion to customers through asset sales and clawback actions. Miami International Holdings, which owns the Bermuda Stock Exchange and several US-registered securities exchanges, will purchase LedgerX in the sale. FTX has recovered more than $7.3 billion in cash and liquid crypto assets since its bankruptcy filing in November. In a court filing, FTX said it will seek repayment of nearly $4 billion from Genesis Global Capital, the bankrupt lending arm of crypto firm Genesis, as a result of transactions that took place before FTX’s bankruptcy filing. Companies in the crypto lending industry were highly intertwined in a turbulent 2022 that saw many tumble into bankruptcy. Founder Sam Bankman-Fried has been indicted on fraud charges and former members of his inner circle have pleaded guilty and agreed to cooperate with prosecutors.

Sara Marcus
Sara Marcushttps://unlistednews.com
Meet Sara Marcus, our newest addition to the Unlisted News team! Sara is a talented author and cultural critic, whose work has appeared in a variety of publications. Sara's writing style is characterized by its incisiveness and thought-provoking nature, and her insightful commentary on music, politics, and social justice is sure to captivate our readers. We are thrilled to have her join our team and look forward to sharing her work with our readers.


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