FTX bankruptcy judge approves sale of LedgerX

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The judge presiding over the bankruptcy case of crypto exchange FTX has given the green light to a motion allowing the sale of LedgerX.

At a May 4 hearing in the United States Bankruptcy Court for the District of Delaware, Judge John Dorsey said: approved A motion filed by FTX debtors in April was to sell LedgerX to M7 Holdings, an affiliate of Miami International Holdings. At the time of the purchase agreement, FTX said the total value of the deal would be approximately $50 million.

There were no objections to the sale of LedgerX, according to lawyers speaking at the hearing. Representatives who spoke on behalf of one of LedgerX’s other bidders, OKC USA Holding, had little objection to the proceedings. Said Corporate “reserves”[s] All of their rights to seek appropriate relief in connection with declarations filed by FTX debtor investment banker partner Bruce Mendelsohn. It claimed that Mendelsohn had made “untrue” statements regarding regulatory obligations.

“Well, it was a no-brainer,” Dorsey said, referring to the brief hearing. The judge said he had read all the papers and declarations related to the allegations and was “satisfied” with the proceedings.

The court’s ruling is a step forward in FTX’s bankruptcy litigation and represents the potential for investors to go full after the company files for Chapter 11 in November 2022. A bankruptcy court approved the sale of certain FTX entities in January as part of the proceedings.

FTX.US purchased LedgerX in August 2021. During Congressional Hearings Investigating Cryptocurrency Exchange Collapse, CFTC Chairman Rostin Behnam Says LedgerX Is “Healthy,” “Solvent,” and “Operational” Compared to Other His FTX Entities said.

A bankruptcy court has yet to rule on motions from several media outlets demanding that the identities of certain FTX customers be made public. It suggests that individuals may become targets of scammers and bad guys if they do not allow it.

Related: FTX Seeks to Get $4 Billion Back from Genesis in Bankruptcy Battle

In criminal court, former FTX CEO Sam Bankman-Fried, or “SBF,” awaits trial in October. He faces charges including allegedly moving FTX customer funds through his Alameda Research and campaign finance violations. As of March, SBF was banned. His messaging online as part of his bail conditions.At the time of publication, he was largely confined to his parents’ California home.

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