TechFlow news, according to sources, LedgerX (FTX US Derivatives) is preparing to make $175 million available for FTX's bankruptcy proceedings. The funds could be transferred as early as Wednesday from a $250 million fund previously set aside by LedgerX, which was intended to gain regulatory approval for clearing cryptocurrency derivatives trades without intermediaries. After FTX filed for bankruptcy protection, FTX US Derivatives withdrew its plan for direct clearance of crypto derivatives with the U.S. CFTC.
Reportedly, LedgerX is one of the few companies that remained solvent following the collapse of the FTX Group.
Earlier reports indicated that Rostin Behnam, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said although other subsidiaries of FTX have collapsed, FTX US Derivatives (formerly LedgerX) continues to operate healthily—likely due to government oversight.
FTX US Derivatives was not included in the bankruptcy filing for FTX’s U.S. operations, Behnam noted, owing to the CFTC’s clear regulatory supervision. The derivatives trading business had been registered with the CFTC well before its acquisition by FTX. The CFTC maintains daily contact with the company and its custodians to ensure proper management of customer assets.Original link
