FTX Sells LedgerX to Miami Exchange Affiliate for $50M in Latest Asset Monetization Move

Following a challenge from the U.S. trustee and an ad hoc committee of 18 non-U.S. customers, the bankruptcy court granted approval for the sale of Embed, LedgerX, FTX Japan, and FTX Europe in January, with a total of 117 parties expressing interest in acquiring these assets.

The sale of LedgerX and other FTX assets was viewed as a way to generate recoveries for stakeholders, according to FTX CEO and chief restructuring officer John Ray III.

FTX.US purchased LedgerX in August 2021, allowing it to expand its spot trading services while remaining under the regulation of the U.S. Commodity Futures Trading Commission (CFTC).

The CFTC's Chair, Rostin Behnam, noted in December that the regulatory limitations ensured that the customer funds held by LedgerX remained secure from the other FTX entities.