The Subsidiary of FTX Group Will Provide $ 175 Million
LedgerX, a subsidiary of FTX Group, will allocate $ 175 million to be used in the bankruptcy proceedings of the parent company.
The company, which shook the crypto industry with a sensational impact at the beginning of the month, is struggling with restructuring and post-bankruptcy processes. FTX Group has started to look for solutions to its creditors and grievances. As a result of the Chapter 11 bankruptcy filing, the company’s assets and liabilities are being audited. In the middle of these processes, the step taken by LEDGERX, which is part of the FTX Group, attracted attention. The subsidiary will provide a fund of $ 175 million in order to facilitate bankruptcy proceedings.
LedgerX, Part of FTX Group, Will Support the Bankruptcy Process
LedgerX, part of FTX Group, has received approval to use the $ 250 million it has set aside for CFTC regulations. The subsidiary will allocate $ 175 million of this money to the bankruptcy process.
A spokesman for the CFTC noted that the amount that LedgerX will allocate will be available to creditors. FTX has about 1 million creditors and billions of dollars in debt.
According to reports, this amount to be allocated can be used immediately. Due to FTX’s bankruptcy, LedgerX had withdrawn its CFTC regulatory application. The wasted money is intended to be used to facilitate the bankruptcy process.