LedgerX, FTX’s cryptocurrency futures and clearinghouse, is up for sale, Bloomberg reported on Friday, citing sources familiar with the matter. This sale attracts crypto companies such as Blockchain.com, Gemini, Bitpanda, and Kalshi.
Cryptocurrency exchange FTX’s LedgerX is up for sale
According to Bloomberg’s report, FTX’s cryptocurrency futures and clearinghouse LedgerX are up for sale. Also, the source says that crypto companies such as Blockchain.com, Gemini, Bitpanda and Kalshi are interested in LedgerX.
The source told Bloomberg that there could be more than half a dozen other potential buyers for the crypto derivatives exchange. He also added that some of the interested parties have signed confidentiality agreements. Meanwhile, Blockchain.com, Gemini, and Bitpanda have yet to respond to Reuters’ request for comment.
As you follow on Kriptokoin.com, crypto trading platform FTX crashed dramatically as traders pulled billions of dollars from the platform in three days. Although rival exchange Binance attempted a bailout, it subsequently withdrew from the deal. FTX then filed for bankruptcy protection in the US, with the most high-profile crypto boom to date.
The story and background of a crypto crash
Just a month ago, Sam Bankman-Fried was hailed as a new American icon. The vegan billionaire was the child prodigy of the crypto market with his plan to save the world. Now his business empire is in ruins. The company’s net worth dropped to zero. Additionally, US officials are seeking at least $1 billion ($1.49 billion) in lost client funds. Moreover, he has been the target of multiple investigations.
Some who have invested in Sam Bankman-Fried’s FTX fear they will never see their life savings again. Bankman-Fried blames his ex-girlfriend, who lives in a luxury Bahamas penthouse with eight of his friends for the collapse. Some describe the 30-year-old man’s decline as the ‘end of cryptocurrencies’. It was proof that ‘the rising tech boys in Silicon Valley’ and their ‘divine ambitions’ are finally returning to Earth.
But in many ways, the collapse of FTX and its crypto king is a classic American story. A young billionaire has built a cult of genius around himself with elaborate eccentricities that have opened the wallets of thousands of investors and garnered accolades from former world leaders, models and sports stars. The consequences of FTX’s failure have affected both the cryptocurrency ecosystem and the lives of ordinary Americans. The question now is whether Sam Bankman-Fried will soon find himself in jail.
“In many ways, this is a wide variety of fraud or misuse of client funds,” says Hilary Allen, a law professor at the American University of Washington College of Law. She also makes the following statement:
But I think the special thing about it was the encryption of who Sam Bankman-Fried was. The mystery around crypto, I think, has allowed such a massive scam to continue in an institution with such blatant governance failures from the start.
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