Cryptocurrencies
FTX's LedgerX, a Solvent Corner of SBF's Fallen Empire, Will Put Millions in Bankruptcy Pot
- Money could be used to repay creditors to crumbled crypto firm
- Funds come from $250 million set aside for CFTC application
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LedgerX -- one of the few corners of Sam Bankman-Fried’s crumbled crypto empire that remain solvent -- is preparing to make available $175 million for use in FTX’s bankruptcy proceedings, according to people with knowledge of the matter.
The money, which could be transferred as soon as Wednesday, comes from a $250 million fund that LedgerX had set aside for a bid to get regulatory approval to clear crypto derivatives trades without intermediaries. The firm, which is known as FTX US Derivatives, withdrew its application with the US Commodity Futures Trading Commission as more than 100 FTX entities filed for bankruptcy on Nov. 11.