Faced with the massive collapse experienced by the FTX crypto platform, it was necessary to act quickly to try to limit the damage. One of the options considered for this purpose was to sell the four subsidiaries of FTX, including LedgerX.
The sale of LedgerX: an expression of good faith from FTX?
LedgerX, one of the four subsidiaries of the FTX empire, is no longer for sale. The digital currency futures and options platform has finally found a taker. According to information released on Tuesday April 25, LedgerX was the subject of a sale agreement concluded with M7 Holding.
It is a private investment company, based in Akron, Ohio. The firm is affiliated with Miami International Holdings, a company that manages several options exchanges mainly in the United States.
According to the sources, M7 Holding is acquiring LedgerX for $50 million. A priori, the deal does not suffer from any defect. However, the operation comes under exceptional circumstances, including bankruptcy proceedings related to FTX, the parent company of LedgerX.
These particular circumstances justify that the transaction be subject to a judicial validation procedure. Justice will decide to this effect on Thursday, May 4th. This, in a hearing scheduled to be held in Delaware District Bankruptcy Court.
For John Ray III, the current CEO and responsible for the restructuring of FTX, this sale is a key step. “This is an example of our ongoing efforts to monetize assets to enable stakeholders to collect their receivables,” he explained.
The validation of this market would therefore only be a first success of the recovery attempts of the current leaders of FTX. If the momentum continues, at least three more should follow in the coming weeks. Indeed, in addition to LedgerX, now sold, three other subsidiaries of FTX are currently in the process of sale. These include Embed, FTX Japan, and FTX Europe.
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