April

FTX, a cryptocurrency exchange that went bankrupt, has announced the finalization of a deal with a subsidiary of Miami International Holdings (MIAX Technologies) to sell LedgerX, a futures and options exchange licensed in the US and regulated by the CFTC.&nbsp;



The <a href="https://www.prnewswire.com/news-releases/ftx-debtors-announce-agreement-with-an-affiliate-of-miami-international-holdings-for-the-sale-of-ledgerx-301807349.html?tc=eml_cleartime" rel="nofollow noopener" target="_blank">deal</a> is subject to approval from the US Bankruptcy Court, which is scheduled for May 4, 2023. The sale of LedgerX will contribute to the monetization of FTX and help meet client obligations. FTX debtors will receive around $50 million from M7 Holdings, the MIH subsidiary that won the LedgerX auction held on April 4. FTX had a debt of more than $3 billion, but after John Ray took over the company, over $740 million in funds were recovered.&nbsp;



Judge John Dorsey authorized the sale of the derivatives platform, as well as other Japanese and European subsidiaries, in early January 2023. FTX received at least 117 offers from various bidders to purchase the exchange’s assets, but until now, no formal agreement had been reached.&nbsp;



LedgerX remained solvent throughout FTX&#8217;s scrutiny following the multimillion-dollar <a href="https://www.cryptopolitan.com/sbf-seeks-to-use-ftxs-insurance-policies/?swcfpc=1">losses </a>caused by its former CEO, Sam Bankman-Fried. The purchase agreement will allow MIAX to take control of all membership interests issued and pending by LedgerX, LLC of Ledger Holdings, Inc. and certain of its affiliated entities.



<h2 id="miax-technologies-8217-role-in-the-acquisition-of-ledgerx">MIAX Technologies&#8217; role in the acquisition of LedgerX</h2>



It&#8217;s worth noting that <a href="https://www.cryptopolitan.com/bankrupt-ftx-japan-may-reopen-soon/?swcfpc=1">FTX</a> received at least 117 offers from various interested bidders to purchase its assets, but until now, no formal agreement had been reached with any party that met the company&#8217;s needs. The sale of LedgerX to MIAX was finally able to provide FTX with the financial boost it needed.



Overall, this sale is a positive development for FTX and its stakeholders, as it allows the company to continue its efforts toward recovery and repayment of its debts. It will be interesting to see what other deals FTX is able to conclude in the coming months as it seeks to fully bounce back from bankruptcy.

MIAX Technologies swoops in to save FTX with $50M LedgerX acquisition

Table of Contents

Cryptopolitan_News

Other articles published on Apr 26, 2023

New Meme Coin DigiToads (TOADS) token to list on BitMart Exchange

Is Fantom's Andre Cronje Building a Crypto Bank?

HedgeUp Gains Mass Support Despite Being an Underdog

Google’s AI Development Approach Prioritizes Safety and Responsibility; New AI Products Added to ...

Bitcoin price predicted to take off as ‘bear market ends’

AVAX Deposit and Withdrawal Services Temporarily Closed on KuCoin

Join our free newsletter for daily crypto updates!