FTX’s LedgerX Prepares To Provide Bankruptcy Funds

November 30, 2022

As per the reports, LedgerX, which is one of the few still solvent firms of SBF, is preparing to fund bankruptcy.

LedgerX to spend $175 million in bankruptcy proceedings for FTX.

LedgerX will use its $250 million fund that it has set aside for regulatory approval to settle crypto derivatives trades without an intermediary.

LedgerX withdrew its application whereas over 100 FTX entities filed for bankruptcy on November 11.

CFTC spokesman which regulates LedgerX said the agency is aware of the proposed transfer.

Since bankruptcy was declared, FTX CEO John J. Ray III and his advisers have combed through the company's books for cash, cryptocurrencies, and assets that could be sold to pay back creditors.

CFTC Chairman Rostin Behnam is scheduled to testify at the US Senate Committee hearing on the FTX collapse on Thursday.