• MIAX, owned by Miami International Holdings, has acquired LedgerX from FTX.
• The acquisition was approved by the US Commodity Futures Trading Commission and the bankruptcy judge on May 4th.
• Open Exchange (OPNX) CEO Leslie Lamb claims MIAX is an investor in OPNX.
MIAX Acquires LedgerX:
MIAX, owned by Miami International Holdings (MIH), has completed the acquisition of LedgerX from FTX assets court-approved for sale in January. The deal was announced in April and approved by the US Commodity Futures Trading Commission (CFTC) and the bankruptcy judge on May 4th. Ledger X is an exchange and clearinghouse regulated by CFTC, which expands MIAX’s ability to offer new and innovative products to the swaps and futures industry.
Open Exchange (OPNX)
Open Exchange (OPNX) CEO Leslie Lamb claims MIAX is an investor in OPNx as well in an April 21 tweet. OPNx is a cryptocurrency exchange founded by Three Arrows Capital founders Kyle Davies and Su Zhu and CoinFlex .
Court Approval
The parties entered into a purchase agreement for MIAX’s acquisition of Ledger X in April pending court approval. FTX reported that proceeds from the sale should reach around $50 million with Judge John Dorsey of the U.S Bankruptcy Court for District of Delaware approving it on May 4th . In addition , 117 prospective buyers expressed interest in Ledger X alone with 56 looking at it specifically .
Potential Challenges
A spokesman for OKC USA, another bidder for Ledger X , said that they might seek “appropriate relief” for “not true” statements filed in relation to the sale but did not object to it . FTX also filed suit against former CEO Sam Bankman-Fried , co-founder Gary Wang and former engineering director Nishad Singh on May 17th for failing to perform due diligence when acquiring Embed .
Conclusion
In conclusion , MIAx successfully acquired one of FTx’s asset -Ledger X -which was approved by both CFTC as well as bankruptcy judge Dorsey on may 4th with proceeds reaching up to $50 million from its sale . However potential challenges may arise from other companies filing suit against certain members of FTx such as OKC USA seeking “appropriate relief” or FTx filing suit against certain former employees over lack of due diligence when acquiring Embed