FTX's LedgerX to free up $175 million for use in bankruptcy proceedings: Bloomberg
LedgerX, FTX Group's solvent subsidiary that also had to file for bankruptcy protection as part of the group, will make available $175 million for use in bankruptcy proceedings, Bloomberg reported Wednesday, citing people with knowledge of the matter.
The money could be transferred as soon as today and comes from a $250 million fund that LedgerX had set aside, as it aimed to get regulatory approval to clear crypto derivatives trades without intermediaries, per the report. LedgerX withdrew its application with the US Commodity Futures Trading Commission (CFTC) as FTX Group filed for bankruptcy on Nov. 11. FTX US had acquired LedgerX.
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