FTX subsidiary LedgerX is preparing to put up $175 million toward its parent company’s bankruptcy proceedings, according to a Bloomberg report, citing people familiar with the matter.
The money could be transferred as early as Wednesday.
The funds will come from a $250 million pot LedgerX was planning to use in a regulatory bid to get approval to settle crypto derivatives without the use of intermediaries.
Should the planned transfer come to pass, it will provide a crumb of comfort for FTX’s creditors, which are estimated to number over 1 million and are owed more than $3 billion among them.
LedgerX, which was acquired by FTX’s U.S. wing in 2021, is one of the only entities under the FTX umbrella to remain solvent. The parent firm and scores of its subsidiaries have filed for bankruptcy this month.
Neither LedgerX nor FTX immediately responded to CoinDesk’s requests for comment.
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