FTX to sell LedgerX to company linked to OPNX controversy for $50M

FTX and its debtors person reached an statement to merchantability LedgerX to a imaginable buyer, arsenic announced successful a property merchandise connected April 25.

FTX volition merchantability LedgerX to Miami firm

FTX has entered into an statement to merchantability its derivatives trading subsidiary LedgerX to M7 Holdings, an affiliate of Miami International Holdings, Inc.

FTX acquired LedgerX successful 2021 and rebranded the work arsenic FTX US Derivatives. However, FTX entered bankruptcy successful November 2022 and soon began to question tribunal support to merchantability aggregate businesses including LedgerX successful December.

FTX and its debtors present expect to gain $50 cardinal from the deal. FTX CEO John Ray III suggested that the merchantability volition assistance instrumentality funds to stakeholders.

The existent merchantability statement indispensable beryllium approved successful a tribunal proceeding acceptable for May 4, 2023.

Buyer is linked to caller OPNX news

A separate announcement from the purchaser suggests that Miami International Holdings, Inc. (MIH) volition transportation retired the acquisition itself.

MIH is the proprietor of the Miami International Securities Exchange (MIAX). Incidentally, connected April 21, MIAX and respective different companies were identified arsenic investors successful OPNX — the successor to failed crypto firms Three Arrows Capital and CoinFLEX.

Many investors denied investing successful OPNX, alternatively clarifying that they invested successful an earlier CoinFLEX backing round. MIAX itself did not remark connected the matter.

However, MIAX invested successful CoinFLEX careless of the details of the controversy, meaning that MIAX and MIH intelligibly spot opportunities successful the crypto industry.

The station FTX to merchantability LedgerX to institution linked to OPNX contention for $50M appeared archetypal connected CryptoSlate.