FTX, the bankrupt business which at one point was the world’s second-largest cryptocurrency exchange, has announced a $50 million deal to sell off its crypto derivatives platform LedgerX.
Confirmed by FTX on Tuesday, an affiliate of Miami International Holdings acquired the platform at an auction initially scheduled for earlier this month.
FTX, which recently said that it has recovered over $7.3 billion in cash and liquid crypto assets since a run on the company caused its collapse in November 2022, purchased LedgerX parent company Ledger Holdings in 2021 for $298 million.
A US bankruptcy court will decide on whether to approve the deal at a hearing on 4 May.
John Ray, chief executive officer and chief restructuring officer of the FTX Debtors, said: "We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders."
This is the latest sell-off for FTX. The company recently agreed to sell its stake in Web3 startup Mysten Labs in a deal worth $95 million.
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