Former NYSC president, two others vying to buy and revive FTX

Efforts to revive FTX are drafting adjacent a adjacent with 3 imaginable buyers, according to reports from the Wall Street Journal connected Nov. 8.

That study indicates that erstwhile New York Stock Exchange (NYSE) president Tom Farley could bargain FTX done his crypto exchange, Bullish. The crypto VC steadfast Proof Group and the fintech startup Figure Technologies are vying to acquisition FTX arsenic well.

The Wall Street Journal said that FTX received involvement from much than 70 imaginable buyers but yet narrowed the database down to the 3 candidates above.

The paper said that a winning purchaser could beryllium chosen successful December, adding that the palmy purchaser could restart FTX’s operations erstwhile the institution exits bankruptcy successful 2024. However, it noted that determination is nary warrant that the woody volition reason and said that different imaginable purchaser could look earlier the woody is complete.

An FTX revival whitethorn spot customers who mislaid funds successful FTX’s illness compensated, arsenic they could person shares successful the caller institution oregon caller crypto tokens. The Wall Street Journal reported that astir $9 cardinal of lawsuit deposits are unaccounted for.

Can FTX regain its erstwhile glory?

FTX was erstwhile 1 of the largest crypto exchanges successful operation, arsenic it regularly handled billions of dollars successful regular trading volume. It besides secured respective high-profile sports and personage partnerships that attracted mainstream attention.

However, FTX filed for bankruptcy successful November 2022 aft its fiscal mismanagement was exposed. It soon failed to fulfill lawsuit withdrawals and collapsed.

FTX’s laminitis and erstwhile CEO, Sam Bankman-Fried, was precocious found guilty connected assorted charges related to fraud. He could person a condemnation of up to 110 years successful situation but is expected to person a considerably reduced sentence.

Those past problems could forestall FTX from attracting caller and returning customers, adjacent if a purchaser successfully reopens the level successful the coming months.

The station Former NYSC president, 2 others vying to bargain and revive FTX appeared archetypal connected CryptoSlate.