The Miami International Stock Exchange (MIAX), owned by Miami International Holdings, has completed the acquisition of LedgerX, which was one of the FTX assets approved for sale in January. LedgerX is an exchange and clearinghouse regulated by the United States Commodity Futures Trading Commission (CFTC).
The acquisition of LedgerX “was an important part of our growth strategy, expanding our ability to offer innovative new products to the swaps and futures sector,” Miami International Holdings (MIH) CEO Thomas Gallagher He said in the current situation. MIAX is one of the group of financial companies owned by MIH.
Leslie Lamb, CEO of OPNX, the cryptocurrency exchange founded by Three Arrows Capital (3AC) founders Kyle Davis, Su Zhou, and Coinflix, claimed that MIAX was also an investor in that company in an April 21 tweet.
The two parties entered into a purchase agreement for MIAX’s acquisition of LedgerX in April, pending court approval. FTX said at the time that proceeds from the sale should come to about $50 million. Judge John Dorsey of the US Bankruptcy Court for the District of Delaware approved the deal on May 4.
Related: CFTC Chairman Rustin Behnam Cites LedgerX as Success Story Amid FTX Collapse
The sale of LedgerX was approved in January by a Delaware court, along with stock trading platform Embed, FTX Japan and FTX Europe. Some 117 potential buyers have expressed interest in the asset, with 56 looking at LedgerX in particular. A spokesperson for OKC USA, another LedgerX bidder, said the company may seek “appropriate relief” for “incorrect” statements in an advertisement made in connection with the sale, but did not object to the sale.
MIAX completes the acquisition of LedgerX from Denny FTX: https://t.co/uGbqyoX8c0
– Zack Dexter (@zachdex) May 19, 2023
FTX sued former CEO Sam Bankman-Fried, co-founder Gary Wang, and former engineering director Nishad Singh on May 17 for failing to perform due diligence when acquiring Embed. FTX paid $220 million to the company when the deal closed in September. The highest bid received after FTX’s bankruptcy was $1 million. FTX sued to recover more than $240 million from Embed CEO Michael Giles and others on the same day.
Journal: SBF cancels ‘moral’ game, Web3 gaming subscription process sucks, Tomb Chaser: Web3 Gamer