Cryptocurrency exchange put up for sale to return money to FTX customers

LedgerX, a derivatives exchange that remained solvent after the FTX collapse, has been put up for sale. More than ten companies have shown interest in the purchase, including Blockchain.com and Gemini.

John Ray, who was recently appointed as FTX’s CEO, and his advisory team are studying the company’s financial documents in search of funds to pay off its debts to creditors.

For this purpose, they decided to sell one of the most valuable remaining assets, but it is not yet clear how much money they will be able to get for it. It is known that as of November 17 of this year, LedgerX had about $ 303 million on its accounts.

Details about the possible deal are not disclosed, as some parties have signed non-disclosure documents, which only confirms the seriousness of the intentions. A few days ago, LedgerX was going to transfer $ 175 million to FTX for bankruptcy proceedings. These funds were to be allocated from a $ 250 million fund. Apparently, the interim management, which is in charge of debt repayment, decided to act more radically.

Earlier, Ray had already spoken harshly about Sam Bankman-Fried and his team: «I have over 40 years of professional experience. I was the lead investigator on the Enron, Residential Capital, Nortel, and Overseas bankruptcies. Almost every situation I have been involved in has been characterized by failures in internal controls, regulatory compliance, staffing, and system integrity. However, never in my career have I seen such a massive failure of corporate controls and a complete lack of truthful financial information as I have seen at FTX.»