April

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">In a <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" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">press release</a> published on Tuesday, April 25th, FTX announced it has reached an agreement to sell LedgerX to M7 Holdings, an affiliate of Miami International Holdings. LedgerX is a clearinghouse unit and futures and options exchange of FTX. The deal is yet to be approved by a bankruptcy court.</p> 
<h3 id="ftx-s-ledgerx-to-be-sold-to-an-affiliate-of-miami-international-holdings">FTX’s LedgerX to Be Sold to an Affiliate of Miami International Holdings</h3> 
<p>This Tuesday, FTX announced its plan to sell LedgerX, the clearinghouse unit, and futures and options exchange of the company. According to the press release, M7 Holdings, a California-based global investment office and an affiliate of Miami International Holdings will acquire the company for about $50 million.</p> 
<p>FTX’s current CEO, John J. Ray, expressed his satisfaction with the deal stating that they are “pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.” The agreement is, however, yet to be approved by a bankruptcy court.</p> 
<p>While Ray described FTX as <a href="https://www.nbcnews.com/tech/crypto/new-ftx-ceo-details-complete-failure-corporate-controls-crypto-platfor-rcna57687" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">one of the worst failures of corporate controls</a> he has ever seen quickly after taking over and expressed on multiple occasions his belief that asset recovery would be a major task, recent months brought several promising developments. Apart from releasing several progress updates since the start of 2023, the debtors have taken some more pointed and aggressive actions including a <a href="https://tokenist.com/alameda-sues-grayscale-dcg-and-barry-silbert-aiming-to-retrieve-9b/" rel="dofollow" class="deco-link">recent lawsuit against the Grayscale</a>.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="recent-developments-in-the-case-of-ftx-s-bankruptcy">Recent Developments in the Case of FTX’s Bankruptcy</h3> 
<p>The downfall of FTX has, since November’s filing, developed into several major sagas. The bankruptcy team under John J. Ray has been hard at work attempting to locate missing assets and funds. The team has also been releasing numerous revelations about just how mismanaged the company was under Sam Bankman-Fried with a recent report indicating that the company would <a href="https://nypost.com/2023/04/10/sam-bankman-fried-joked-about-losing-50m-in-assets-report/" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">frequently “misplace” tens of millions of dollars</a>.</p> 
<p>Another important part of the bankruptcy has been the case against SBF and FTX’s other executives. While the first month following the filing was relatively quiet, December brought a deluge of law enforcement activity which saw <a href="https://tokenist.com/ellison-confirms-alameda-hid-billions-in-loans-to-ftx-executives/" rel="dofollow" class="deco-link">multiple senior personnel of the exchange plead guilty</a>, and the arrest of Bankman-Fried himself. Additionally, the case has been developing ever since with a recent superseding indictment against FTX’s former CEO <a href="https://tokenist.com/sbf-charged-with-paying-40m-in-bribes-to-chinese-officials/" class="deco-link">accusing him of bribery in addition to fraud</a>.</p> 
<p>Considering the size of FTX, it is unsurprising that its collapse caused a major contagion within the cryptocurrency industry. Perhaps the most notable casualties have been DCG’s Genesis, and the crypto-friendly Silvergate Bank. <a href="https://tokenist.com/genesis-files-for-bankruptcy-with-more-than-3-4b-owed-to-creditors/" rel="dofollow" class="deco-link">Genesis filed for bankruptcy</a> after a January-long public feud between Barry Silbert and Gemini’s Winklevoss twins, while <a href="https://tokenist.com/crypto-friendly-silvergate-bank-to-be-liquidated-by-parent-company/" class="deco-link">Silvergate announced its liquidation in March</a> after suffering multiple hardships including an $8 billion worth bank run.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think FTX will manage to make its creditors entirely whole? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/ftx-to-sell-ledgerx-to-california-based-m7-holdings-for-50m/">FTX to Sell LedgerX to California-Based M7 Holdings for $50M</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

FTX to Sell LedgerX to California-Based M7 Holdings for $50M

目錄

TokenInsight

在 2023年4月25日發表的其他文章

South Korean Prosecutors Indict Terra Co-Founder and Nine Others

Metamask NFT Transfer - Easily Send Your NFTs in Minutes!

‘The industry is about to change’ – A chat with EDashMan, the music producer making banger covers...

Floki Inu skyrockets 40% after Binance.Us listing

Arbitrum Down 25% Weekly, Bitcoin Slipped to Monthly Low: Market Watch

German State Regulators Begin Privacy Inquiry Into ChatGPT

訂閱免費電子報，每天收取加密貨幣最新動態！