A PYMNTS Company

FTX Gets Approval For LedgerX $3.9B Sale

By  |  May 5, 2023

FTX, a bankrupt crypto exchange, has been granted permission by a US bankruptcy court to sell its LedgerX business for $50 million. The sale of LedgerX, a non-bankrupt crypto derivatives trading platform, to an affiliate of Miami International Holdings will raise additional funds to repay creditors.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The approval was given by US bankruptcy judge John Dorsey at a hearing in Wilmington, Delaware.

    Miami International Holdings is the owner of the Bermuda Stock Exchange and various US-registered securities exchanges, which include the Miami International Securities Exchange.

    Related: CFTC Commissioner Urges Congress To Expand Agency’s Authority To Review Crypto Acquisitions

    FTX is in the process of returning around $11 billion to its customers through a combination of asset sales and clawback actions. 

    The company has made progress in recovering cash and liquid crypto assets, totaling over $7.3 billion as of April. As part of its efforts, FTX has filed a court document seeking repayment of almost $4 billion from Genesis Global Capital (GGC), which is the bankrupt lending arm of crypto company Genesis.