LedgerX Sale Approved in FTX Bankruptcy Case
The judge overseeing the bankruptcy case of FTX has approved the sale of LedgerX to M7 Holdings, an affiliate of Miami International Holdings.
The motion was filed by FTX debtors in April and the total proceeds of the transaction are expected to be approximately $50 million.
During a hearing in the US Bankruptcy Court for the District of Delaware, lawyers reported that there were no objections to the sale of LedgerX.
The representative of OKC USA Holding, which was one of the other bidders for LedgerX, did not object to the proceedings but stated that they reserved their rights to seek appropriate relief.
The judge approved the motion and expressed satisfaction with the proceedings.
In FTX’s ongoing bankruptcy case, a recent court ruling has provided hope for investors seeking to recover their losses.
The ruling, which allows for the sale of certain FTX entities, marks a significant step forward in the proceedings.
FTX.US acquired LedgerX in August 2021, which was reported to be in better financial health than other FTX entities, according to CFTC Chairman Rostin Behnam during a congressional hearing. However, the court has not yet decided on a motion from media outlets seeking the release of certain FTX customer identities, with some expressing concerns about potential privacy breaches.
Meanwhile, former FTX CEO Sam Bankman-Fried is awaiting trial in October for charges related to moving FTX customer funds through Alameda Research and campaign finance violations.
At present, he is subject to bail conditions that prevent him from using online messaging apps and is largely confined to his parents’ residence in California.