FTX decided to sell LedgerX for $50 million to MIH.
MIH agreed to buy LedgerX though having other securities exchanges already.
This Tuesday, Futures Exchange (aka FTX), a bankrupt crypto exchange firm has given an agreement of selling their crypto derivatives platform LedgerX for 50 million dollars to Miami International Holdings (MIH), a trading service provider.
The CEO of FTX, John Ray said,
“We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.”
It is observed that FTX seeks approval from the U.S. bankruptcy court for the purpose of sale on the May 4th hearing.
More Details About The FTX Sale
Sooner this month, FTX reported the recovery of $7.3 billion cash and liquid cryptoassets from U.S. bankruptcy filed the last November. In the meantime, several traders pulled billions, and Binance was fed up with a rescue deal. Continuing further, it proceeds to sell asset stakes in Web3 startup Mysten Labs for $95M.
Whereas, MIH agreed to buy the sale, and it already holds Bermuda Stock Exchange and other US-registered securities exchanges. The bankruptcy proceedings omitted LedgerX which is under U.S. Commodity Futures Trading Commission. Later on, FTX US acquired it the previous year.
As per the earlier notice of bankruptcy plan, the crypto exchange sale started out as a part of the process of laying out the creditor’s and customers’ payments. On a further note, the founder of FTX, Sam Bankman-Fried has been accused of fraud charges during the firm’s collapse. In the end, the other members pleaded and agreed to get on with the prosecutors.