LedgerX, a subsidiary of troubled cryptocurrency exchange FTX, is reportedly preparing US$175 million for its parent company’s bankruptcy proceedings, according to unnamed sources cited by Bloomberg on Wednesday.

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Fast facts

  • LedgerX’s offer reportedly comes from a US$250 million fund that was intended to finance regulatory approval procedures to offer crypto derivatives products, Bloomberg reported.
  • The money could be transferred as early as Wednesday, according to the unnamed source cited in the report. 
  • According to Bloomberg, the Commodity Futures Trading Commission, the US derivatives regulator that oversees LedgerX, said the agency was aware of the planned transfer.
  • Bankruptcy lawyers estimated that FTX held US$1.24 billion in cash, as of Nov. 20, while LedgerX has around US$303 million.
  • FTX US, an affiliate of FTX, acquired LedgerX in September 2021 and rebranded to FTX US Derivatives, a crypto derivatives platform. 
  • FTX US Derivatives, or LedgerX, is one of the few FTX-related assets that is solvent and not part of the debtors.

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