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.
