FTX to sell LedgerX to company linked to OPNX controversy for $50M

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FTX and its debtors have reached an agree­ment to sell LedgerX to a poten­tial buy­er, as announced in a press release on April 25.

FTX will sell LedgerX to Miami firm

FTX has entered into an agree­ment to sell its deriv­a­tives trad­ing sub­sidiary LedgerX to M7 Hold­ings, an affil­i­ate of Mia­mi Inter­na­tion­al Hold­ings, Inc.

FTX acquired LedgerX in 2021 and rebrand­ed the ser­vice as FTX US Deriv­a­tives. How­ev­er, FTX entered bank­rupt­cy in Novem­ber 2022 and soon began to seek court per­mis­sion to sell mul­ti­ple busi­ness­es includ­ing LedgerX in December.

FTX and its debtors now expect to earn $50 mil­lion from the deal. FTX CEO John Ray III sug­gest­ed that the sale will help return funds to stakeholders.

The cur­rent sale agree­ment must be approved in a court hear­ing set for May 4, 2023.

Buyer is linked to recent OPNX news

A sep­a­rate announce­ment from the buy­er sug­gests that Mia­mi Inter­na­tion­al Hold­ings, Inc. (MIH) will car­ry out the pur­chase itself.

MIH is the own­er of the Mia­mi Inter­na­tion­al Secu­ri­ties Exchange (MIAX). Inci­den­tal­ly, on April 21, MIAX and sev­er­al oth­er com­pa­nies were iden­ti­fied as investors in OPNX — the suc­ces­sor to failed cryp­to firms Three Arrows Cap­i­tal and CoinFLEX.

Many investors denied invest­ing in OPNX, instead clar­i­fy­ing that they invest­ed in an ear­li­er Coin­FLEX fund­ing round. MIAX itself did not com­ment on the matter.

How­ev­er, MIAX invest­ed in Coin­FLEX regard­less of the details of the con­tro­ver­sy, mean­ing that MIAX and MIH clear­ly see oppor­tu­ni­ties in the cryp­to industry.

The post FTX to sell LedgerX to com­pa­ny linked to OPNX con­tro­ver­sy for $50M appeared first on Cryp­toSlate.

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