Bloomberg: LedgerX is going to repay part of FTX's debts

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Cryptocurrency derivatives exchangeLedgerX, one of the solvent projects of Sam Bankman-Fried’s crypto empire, plans to allocate $175 million to pay off FTX’s debts, Bloomberg reports.

Funds could be allocated as early as Wednesday fromfund in the amount of $250 million, which LedgerX was going to use to obtain a license from regulators to conduct transactions with crypto derivatives without intermediaries. FTX.US Derivatives withdrew its filing with the US Commodity Futures Trading Commission (CFTC) after more than 100 companies filed for bankruptcy on November 11.

According to Bloomberg, a CFTC spokesmanstated that the Commission is aware of the planned transfer of funds. The transfer of LedgerX capital to FTX will form a new pool that can be used to reimburse investors affected by FTX's default.

Please note that after declaring bankruptcyFTX's new CEO, John J. Ray III, and his advisers scrutinized the company's financial statements for cash, cryptocurrencies and assets that could be sold to pay off creditors.

Recently a cryptocurrency lending platformBlockFi has filed a lawsuit against the former CEO of the FTX exchange, Sam Bankman-Fried. The company intends to sue him for $648 million in Robinhood shares.