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MainNewsMIAX Technol...

MIAX Technologies swoops in to save FTX with $50M LedgerX acquisition


Apr, 26, 2023
2 min read
by CryptoPolitan
MIAX Technologies swoops in to save FTX with $50M LedgerX acquisition

FTX, a cryptocurrency exchange that went bankrupt, has announced the finalization of a deal with a subsidiary of Miami International Holdings (MIAX Technologies) to sell LedgerX, a futures and options exchange licensed in the US and regulated by the CFTC. 

The deal is subject to approval from the US Bankruptcy Court, which is scheduled for May 4, 2023. The sale of LedgerX will contribute to the monetization of FTX and help meet client obligations. FTX debtors will receive around $50 million from M7 Holdings, the MIH subsidiary that won the LedgerX auction held on April 4. FTX had a debt of more than $3 billion, but after John Ray took over the company, over $740 million in funds were recovered. 

Judge John Dorsey authorized the sale of the derivatives platform, as well as other Japanese and European subsidiaries, in early January 2023. FTX received at least 117 offers from various bidders to purchase the exchange’s assets, but until now, no formal agreement had been reached. 

LedgerX remained solvent throughout FTX’s scrutiny following the multimillion-dollar losses caused by its former CEO, Sam Bankman-Fried. The purchase agreement will allow MIAX to take control of all membership interests issued and pending by LedgerX, LLC of Ledger Holdings, Inc. and certain of its affiliated entities.

MIAX Technologies’ role in the acquisition of LedgerX

It’s worth noting that FTX received at least 117 offers from various interested bidders to purchase its assets, but until now, no formal agreement had been reached with any party that met the company’s needs. The sale of LedgerX to MIAX was finally able to provide FTX with the financial boost it needed.

Overall, this sale is a positive development for FTX and its stakeholders, as it allows the company to continue its efforts toward recovery and repayment of its debts. It will be interesting to see what other deals FTX is able to conclude in the coming months as it seeks to fully bounce back from bankruptcy.

Read the article at CryptoPolitan

Read More

FTT, ZEC and JASMY Lead Binance’s Latest Community Delisting Vote

FTT, ZEC and JASMY Lead Binance’s Latest Community Delisting Vote

The world’s largest crypto exchange, Binance just closed the second round of its “Vot...
Apr, 17, 2025
2 min read
by TheNewsCrypto
Binance’s Community Vote Puts 17 Altcoins at Risk of Delisting

Binance’s Community Vote Puts 17 Altcoins at Risk of Delisting

Binance, the world’s largest cryptocurrency exchange by trading volume, has concluded...
Apr, 17, 2025
by BeInCrypto
MainNewsMIAX Technol...

MIAX Technologies swoops in to save FTX with $50M LedgerX acquisition


Apr, 26, 2023
2 min read
by CryptoPolitan
MIAX Technologies swoops in to save FTX with $50M LedgerX acquisition

FTX, a cryptocurrency exchange that went bankrupt, has announced the finalization of a deal with a subsidiary of Miami International Holdings (MIAX Technologies) to sell LedgerX, a futures and options exchange licensed in the US and regulated by the CFTC. 

The deal is subject to approval from the US Bankruptcy Court, which is scheduled for May 4, 2023. The sale of LedgerX will contribute to the monetization of FTX and help meet client obligations. FTX debtors will receive around $50 million from M7 Holdings, the MIH subsidiary that won the LedgerX auction held on April 4. FTX had a debt of more than $3 billion, but after John Ray took over the company, over $740 million in funds were recovered. 

Judge John Dorsey authorized the sale of the derivatives platform, as well as other Japanese and European subsidiaries, in early January 2023. FTX received at least 117 offers from various bidders to purchase the exchange’s assets, but until now, no formal agreement had been reached. 

LedgerX remained solvent throughout FTX’s scrutiny following the multimillion-dollar losses caused by its former CEO, Sam Bankman-Fried. The purchase agreement will allow MIAX to take control of all membership interests issued and pending by LedgerX, LLC of Ledger Holdings, Inc. and certain of its affiliated entities.

MIAX Technologies’ role in the acquisition of LedgerX

It’s worth noting that FTX received at least 117 offers from various interested bidders to purchase its assets, but until now, no formal agreement had been reached with any party that met the company’s needs. The sale of LedgerX to MIAX was finally able to provide FTX with the financial boost it needed.

Overall, this sale is a positive development for FTX and its stakeholders, as it allows the company to continue its efforts toward recovery and repayment of its debts. It will be interesting to see what other deals FTX is able to conclude in the coming months as it seeks to fully bounce back from bankruptcy.

Read the article at CryptoPolitan

Read More

FTT, ZEC and JASMY Lead Binance’s Latest Community Delisting Vote

FTT, ZEC and JASMY Lead Binance’s Latest Community Delisting Vote

The world’s largest crypto exchange, Binance just closed the second round of its “Vot...
Apr, 17, 2025
2 min read
by TheNewsCrypto
Binance’s Community Vote Puts 17 Altcoins at Risk of Delisting

Binance’s Community Vote Puts 17 Altcoins at Risk of Delisting

Binance, the world’s largest cryptocurrency exchange by trading volume, has concluded...
Apr, 17, 2025
by BeInCrypto