Bankruptcy lawyers representing FTX have agreed to sell LedgerX, a cryptocurrency derivatives trading platform, to M7 Holdings. The affiliate of Miami International Holdings is paying $50m for the platform, which came under the FTX banner in August 2021 when FTX.US acquired it.
LedgerX was not listed as a debtor in the bankruptcy proceedings, which saw FTX, FTX US and more than 100 affiliates file for bankruptcy in Delaware last November. The sale of LedgerX is due to be approved at a hearing on 4 May next year. FTX CEO and restructuring officer John J Ray III said the move was part of efforts to monetise assets to deliver returns to stakeholders.
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