Cryptocurrency derivatives exchange LedgerX, one of the solvent projects of Sam Bankman-Fried’s crypto empire, plans to allocate $175 million to pay off FTX’s debts, according to Bloomberg.
The funds could be disbursed as early as Wednesday from a $250 million fund that LedgerX intended to use to obtain a regulatory license to conduct crypto derivatives transactions without intermediaries. FTX.US Derivatives withdrew its filing with the US Commodity Futures Trading Commission (CFTC) after more than 100 companies filed for bankruptcy on Nov. 11.
According to Bloomberg, a CFTC spokesman said the Commission is aware of the planned transfer of funds. The transfer of LedgerX’s capital to FTX’s balance sheet will form a new pool that can be used to recover losses from investors affected by the FTX default.
Note that after the bankruptcy announcement, the new CEO of FTX, John J. Ray III (John J. Ray III) and his advisers carefully studied the company’s financial statements for cash, cryptocurrencies and assets that could be sold to pay off creditors. .
Cryptocurrency lending platform BlockFi recently filed a lawsuit against former FTX exchange CEO Sam Bankman-Fried. The company plans to sue him for $648 million in Robinhood shares.
Source: Bits
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