FTX Group’s solvent unit LedgerX is set to allocate $175 million for use in the group’s bankruptcy proceedings, Bloomberg reported.
A CFTC spokesperson told Bloomberg that the agency is aware of a planned transfer. The transferred money could reportedly be used to repay FTX's creditors. The FTX Group has more than a million total creditors, a recent court filing indicated. The group currentlya combined cash balance of $1.24 billion, which is far below the $3.1 billion it owes its top 50 creditors.
FTX Group collapsed earlier this month amid a sudden liquidity crisis. The crypto exchange operator reportedly tapped customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting up its implosion.to testify about the FTX collapse in a US Senate committee hearing on Thursday.
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