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FTX Gets Approval For LedgerX $3.9B Sale

 |  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.

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.