FTX-owned derivatives trading platform LedgerX is reportedly preparing $175 million to be used in its parent firm’s bankruptcy proceedings.
2. The platform, which operated as a subsidiary of FTX.US, provided a regulated way for users to trade derivatives based on cryptocurrencies such as Bitcoin and Ethereum.
3. LedgerX was one of the few Bankman-Fried-linked projects which remained solvent in the aftermath of FTX’s Chapter 11 bankruptcy proceedings earlier this month.
As per anonymous sources reported by Bloomberg, the $175 million transfer could come as soon as Wednesday.
2. The funds, according to the sources, would stem from $250 million that the firm had earmarked to bid on the right to clear crypto derivatives trades without using third-party intermediaries.
3. This request, which would have been handled by the Commodity Futures Trading Commission (CFTC), was formally withdrawn on November 14.