US Court Greenlights Sale of LedgerX for $50 Million

The Delaware District Bankruptcy Court yesterday approved a deal between FTX and Miami International Holdings’ subsidiary M7 Holding for the sale of the LedgerX crypto derivatives platform for $50 million, with no objections from the lawyers.

FTX announced plans to open trading in cryptocurrency derivatives for clients in the summer of 2021 and subsequently acquired LedgerX.

Bloomberg reported in December last year that the platform was up for sale, and approximately 10 companies, such as Blockchain.com, Gemini, and Bitpanda, expressed interest in purchasing it.

The court allowed FTX to proceed with the sale of its business units in January 2023 to generate liquidity for settlements with creditors, with 117 entities showing interest in LedgerX, Embed, FTX Japan, FTX Europe, and other companies in the group.

After several delays, the auction for the sale of LedgerX took place in May. In the same month, FTX lawyers filed a lawsuit against the bankrupt crypto-lending platform Genesis demanding the return of $4 billion.