FTX, and its debtors announced that LedgerX is to be acquired by M7 Holdings. The announcement from the now-bankrupt exchange came on 25 April.
The hearing on the sale will be held in the first week of May 2023
Notably, M7 Holdings was not the only one aiming for LedgerX. Kalshi Inc – a federally regulated exchange – was also reportedly interested in the crypto platform.Recall that LedgerX rebranded to FTX US Derivatives after its acquisition by FTX US’ parent company – West Realm Shire Services. The now-bankrupt crypto exchange finalized the purchase plan for the platform in October 2021.
The deal with M7 Holdings will bring in around $50 million for FTX Debtors, according to the official press release. Moreover, the agreement is subjected to bankruptcy court approval. And, a hearing on the same will be held on 4 May 2023. The current CEO and Chief Reconstructing Officer – John J Ray III –“We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.
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