- The judge who oversees the FTX bankruptcy proceedings granted FTX approval for some assets to be sold.
- LedgerX is one of the assets under consideration.
- FTX will now be able get the money it needs to repay its creditors.
After requesting permission to be permitted to sell certain of its operating businesses in December 2022 FTX can now take a sigh after the bankruptcy judge has ruled in FTX’s favor. approved It will sell its assets to assist in its efforts to repay its creditors.
FTX has granted permission to sell the derivatives platform LedgerX as well as its regional arms FTX Europe (FTX Japan) and Embed stock clearing platform Embed.
All systems are up for auction
John Dorsey, Delaware Bankruptcy Court Judge granted the go-ahead to the sale of four key FTX units. Interested bidders can now contact Perella Bank, which will oversee the process. The investment bank will represent FTX as well as its assets.
Around 117 parties expressed an interest in buying the FTX assets. The parties will be able to access the information about the assets to do their research before making a decision on whether or not to proceed with the purchase.
FTX Europe’s license has been suspended, while FTX Japan is under business suspension orders.
The approval of the sale is a reprieve to the troubled crypto exchange that has so far recovered $5 billion in assets after its collapse. The funds obtained from the sale will go a long way in raising funds for repaying the exchange’s creditors.
