FTX Files Document Indicating Potential Sales of Assets Including Ledger X

FTX has filed a new document with the courts indicating its intent to sell multiple assets. FTX CEO John J. Ray, III, stated earlier this week his intent to sell certain assets as it moves to recoup funds in the bankrupt operation.

Included on the list is LedgerX, a relatively new subsidiary of FTX that was regulated in the US by the CFTC. LedgerX remains solvent and operational. LedgerX is a Designated Contract Market, Derivatives Clearing Organization, and Swap Execution Facility. In brief, LedgerX is a digital currency futures and options exchange and clearinghouse.

Other assets up for auction include:

  • Embed Business – a correspondent clearing and custody platform that provides registered investment advisors, broker-dealers, and other financial institutions with APIs and brokerage services.
  • FTX Japan – a registered crypto exchange along with Quoine in Singapore (FTX Singapore)
  • FTX Europe, which includes an operation in Switzerland, Cyprus and the UAE

The filing indicates that since the bankruptcy filing, there has been “regulatory pressure” that necessitates an expedited sale.

Each of these operations is said to have maintained segregated accounts, unlike the FTX operation in the Bahamas.

Deadlines for preliminary bids are as follows:

  • Embed Business – January 18, 2023
  • LedgerX Business – January 25, 2023
  • FTX Japan Business – February 1, 2023
  • FTX Europe Business – February 1, 2023


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