- The judge responsible for overseeing the FTX bankruptcy proceedings gave FTX permission to sell certain assets.
- LedgerX is one of the assets that are under review.
- FTX will be able to borrow money from its creditors as a result of this move.
After requesting permission to allow it to sell certain of its businesses, FTX now can breathe a sigh relief. The judge responsible for overseeing bankruptcy proceedings at FTX approved the sale to help the company repay its creditors.
FTX is allowed to buy the following businesses: the LedgerX derivatives platform, its regional arms FTX Europe, FTX Japan and Embed stock clearing platform.
All systems are up for auction
John Dorsey, Delaware Bankruptcy Court Judge granted the green light for the sale. Interested bidders may now contact Perella Bank, which will oversee the process. The process will see FTX represented by an investment bank.
About 117 people expressed an interest in purchasing the FTX assets earlier this week. The parties can now access the information about the assets to do their research before making a decision on whether or not to purchase the assets.
FTX Europe’s license has been suspended, while FTX Japan faces business suspension orders.
This approval of the sale is a relief for the crypto exchange that has recovered approximately $5 billion worth assets. Funds from the sale can be used to repay creditors and will help raise funds.