Cointime

Download App
iOS & Android

FTX US Subsidiary LedgerX Has Potential Buyers

FTX’s digital currency futures and clearing house LedgerX is for sale and several cryptocurrency companies, including Blockchain.com, Gemini, Bitpanda, and Kalshi, have expressed interest in purchasing the business.

The persons told Bloomberg that there could be more than half a dozen more potential purchasers for the cryptocurrency derivatives exchange, and that some of the interested firms have inked non-disclosure contracts.

On November 11th, arguably the most known crypto meltdown to date, the cryptocurrency trading platform FTX filed for bankruptcy in the United States after users withdrew billions of dollars in three days and a competing exchange, Binance, refused to take over.

However, the bankruptcy filings did not include LedgerX. Last year, FTX US bought it to enter the options and the futures markets for cryptocurrencies.

Additionally, the bankruptcy procedures may benefit from up to $175 million that LedgerX of FTX proposes to disburse recently.

Moreover, the bankruptcy procedures may benefit from up to $175 million that LedgerX of FTX proposes to disburse recently.

Ultimately, FTX owes up to $3 billion to its top 50 investors and has roughly a million debtors, therefore the funds will be used to pay part of those obligations down.

FTX Meltdown Had Adverse Effects

After the resignation of founder and CEO Sam Bankman-Fried, FTX filed for Chapter 11 bankruptcy and there are signs that the number of creditors may exceed one million.

There have been ongoing efforts to discover the causes of the FTX meltdown by looking at the reasons behind the exchange’s liquidity crisis.

The US House Financial Services Committee has also scheduled a hearing on the circumstances surrounding FTX’s demise for December 13.

Moreover, Gemini, a leading cryptocurrency exchange in the United States, has said it will continue to collaborate with Genesis and Digital Currency Group (DCG), the parent company of Genesis, to develop a plan that will allow customers to withdraw funds through its Earn programme.

FTX
Comments

All Comments

Recommended for you

  • Brent Crude Oil Futures Rise to $126.09 per Barrel, Highest Since March 2022

    On April 30, according to Reuters quotes, Brent crude oil futures rose by more than $8 during the day to $126.09 per barrel, marking the highest level since March 2022. (Jinshi)

  • US Military Plans First Operational Deployment of Hypersonic Missiles Against Iran

    On April 30, Bloomberg reported that the US Central Command has submitted a request to deploy the 'Dark Eagle' hypersonic missiles to the Middle East. If approved, this would mark the first operational deployment of hypersonic missiles by the US, potentially aimed at striking ballistic missile launch systems deep within Iran.

  • US Treasury Secretary: America Seizes $450 Million in Iranian Crypto Assets

    On April 30, The Kobeissi Letter reported that US Treasury Secretary Scott Bessent stated that the United States has seized $450 million worth of Iranian crypto assets.

  • KKR Explores $10 Billion Sale of Flora Food Group

    On April 30, according to the Financial Times, private equity firm KKR is exploring a $10 billion sale of Flora Food Group.

  • U.S. Treasury Secretary: Kevin Warsh Will Bring a New Era to the Federal Reserve

    On April 30, Cointelegraph reported that U.S. Treasury Secretary Scott Basset stated, "Kevin Warsh will usher in a new chapter for the Federal Reserve, leading with accountability mechanisms, efficient governance, and sound policy-making at its core."

  • US Spot Bitcoin ETF Sees Net Outflow of $137.75 Million

    On April 30, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net outflow of $137.75 million yesterday.

  • US Spot Ethereum ETF Sees $87.72 Million Net Outflow

    On April 30, according to monitoring by Trader T, the US spot Ethereum ETF experienced a net outflow of $87.72 million yesterday.

  • Trump to Receive Briefing on New Military Plans Against Iran Including Strong Strikes and Control of Hormuz Strait

    On April 30, two informed sources stated that Trump plans to receive a briefing on Thursday from General Brad Cooper, the commander of U.S. Central Command, regarding new plans for potential military action against Iran. This briefing indicates that Trump is seriously considering the resumption of large-scale military operations to break the negotiation deadlock or deliver a decisive blow before ending the war. Three sources revealed that Central Command has prepared a plan for a 'short and powerful' strike against Iran, which may include targeting infrastructure. The expectation is that Iran would then show greater flexibility on nuclear issues and return to the negotiating table. Another plan expected to be presented to Trump involves controlling parts of the Strait of Hormuz to restore commercial shipping passage. One source indicated that such actions could involve ground troops. Another option that has been discussed in the past and may be presented in the briefing is to conduct special operations to ensure control over Iran's highly enriched uranium reserves. Cooper had previously briefed Trump on similar matters on February 26, and two days later, the U.S. and Israel launched a war against Iran. A person close to Trump stated that that briefing led to Trump's decision to go to war.

  • BTC Surpasses $76,000

    Market data shows that BTC has surpassed $76,000, currently priced at $76,008.59, with a 24-hour decline of 0.38%. The market is experiencing significant volatility, so please ensure proper risk management.

  • First Refunds from 'Trump Tariffs' to Be Issued Around May 11

    On April 30, a document from the U.S. International Trade Court indicated that the first refunds for tariffs imposed by the Trump administration under the International Emergency Economic Powers Act will be issued around May 11. The U.S. Supreme Court announced a ruling on February 20, stating that the International Emergency Economic Powers Act does not authorize the president to impose large-scale tariffs. A ruling by a U.S. International Trade Court judge on March 4 ordered Customs and Border Protection not to impose tariffs based on the International Emergency Economic Powers Act during tariff liquidation. This means that tariffs previously imposed under this law must be refunded. (Dongxin News Agency)