The judge in charge of FTX’s bankruptcy case has approved the sale of LedgerX to M7 Holdings, an affiliate of Miami International Holdings. FTX debtors filed a motion in April to sell LedgerX, and the judge gave the go-ahead, with no objections raised. The purchase agreement for LedgerX is expected to result in approximately $50 million.
This court ruling represents progress for FTX’s bankruptcy case and the possibility of investors being compensated after the firm filed for Chapter 11 in November 2022. In a separate motion, several media outlets have requested the release of certain FTX customers’ identities, but the bankruptcy court has yet to rule on this.
Meanwhile, the former FTX CEO, Sam Bankman-Fried, awaits his October trial in criminal court, facing charges including moving FTX customer funds through Alameda Research and campaign finance law violations.