Bullish, Proof Group and Figure Technologies have all expressed interest in purchasing the remaining assets of the collapsed exchange.
On November 8, it was reported that efforts to revive FTX were nearing completion, with negotiations taking place with three possible buyers.
The report suggests that former New York Stock Exchange (NYSE) president Tom Farley may purchase FTX through his cryptocurrency exchange Bullish. Crypto venture capital firm Proof Group and fintech startup Figure Technologies are also vying to acquire FTX.
FTX reportedly received interest from more than 70 potential buyers but ultimately narrowed the list to the three candidates mentioned above.
The paper said a winning buyer could be chosen in December, adding that the successful buyer could restart FTX operations after the company emerges from bankruptcy protection in 2024. However, the paper noted that there is no guarantee that the deal will be completed and said another possible buyer could emerge before the deal is completed.
FTX’s resurgence could see customers who lost funds in the FTX debacle compensated by receiving shares in the new company or a new crypto token. According to the Wall Street Journal, approximately $9 billion in customer deposits are unaccounted for.
Can FTX regain its former glory?
FTX was once one of the largest cryptocurrency exchanges in operation, as it regularly processed billions of dollars in trading volume every day. It also secured some high-profile sports and celebrity partnerships that garnered mainstream attention.
However, after its financial mismanagement came to light, FTX filed for bankruptcy in November 2022. It soon collapsed after being unable to meet customer withdrawal demands.
FTX founder and former CEO Sam Bankman-Fried was recently found guilty on multiple fraud-related charges. He could have been sentenced to up to 110 years in prison, but his sentence is expected to be significantly reduced.
Even if buyers successfully reopen the platform in the coming months, these past issues could prevent FTX from attracting new and returning customers. #FTX #破产
