FTX Update: FTX Sells LedgerX for $50 Million

FTX has announced that it has entered into a purchase agreement with M7 Holdings, LLC to sell LedgerX LLC, the derivatives trading and clearinghouse owned by FTX. The total expected proceeds from the sale are approximately $50 million. The transaction is still subject to approval by the U.S. Bankruptcy Court at a hearing scheduled for May 4th.

Situation of Other Related Companies

In January, the bankruptcy court approved the sale of assets of LedgerX and other FTX entities, including stock trading service company Embed, LedgerX, FTX Japan, and FTX Europe. At that time, 117 parties expressed interest in these assets.

FTX Japan, under the protection of Japan's regulatory asset segregation and fiat custody policies, has started withdrawals in February and may have the opportunity to resume operations in the future.

For more details, please see: FTX Japan will not be sold! The restructuring team has discussed the relaunch of FTX Japan multiple times and is expected to resume operations.

FTX EU also launched a website approved by the Cyprus Securities and Exchange Commission at the beginning of the month, allowing FTX EU users to register and claim fiat balances.

FTX's claims agency, Kroll, has sent out creditor information by the end of March, including a customer identification code (CID) and the quantity of assets held in accounts before FTX's closure.

According to the latest reports, FTX has recovered over $7.3 billion in cash and crypto assets to date, and is even considering resuming operations in the second quarter of next year. It seems that the bankruptcy restructuring team led by John Ray, despite spending $100 million from November last year to now, has been quite efficient!