FTX, a bankrupt cryptocurrency exchange, has once again revised the auction date for its derivatives exchange LedgerX, according to a filing submitted to a US-based Bankruptcy Court on 18 March.
The auction will now take place on 4 April at the offices of Sullivan & Cromwell, with a sale hearing scheduled for 12 April. The notice of the successful bidder is expected to occur within one business day of the auction’s conclusion.
The auction date for LedgerX has been revised for the third time. Initially, the auction was scheduled for 7 March, but it was postponed to 22 March and now to 4 April. However, the reason for the most recent delay has not been disclosed.
Earlier this year, FTX received approval to sell its business units, including Embed Financial Technologies, FTX Japan, and FTX Europe, to generate funds for its creditors. Legal filings show that around 117 parties have expressed interest in purchasing these entities.
In October 2021, FTX’s US division acquired LedgerX and rebranded it as FTX.US Derivatives. This move was part of FTX’s strategy to streamline its business and focus on its core operations. With the auction of LedgerX, FTX aims to dispose of non-core assets and use the proceeds to pay off its creditors.
