These three players want to acquire & restart the bankrupt FTX crypto exchange

Finally, the names of three of the three FTX bidders came to the public, who want to reboot this exchange by next year. 

FTX was a top-ranked famous crypto exchange but collapsed badly in Nov of last year following a report on the company’s real financial position. Sam Bankman-Fried (SBF), Co-founder & former CEO of FTX, filed for FTX bankruptcy under the 11 code along with more than 120+ FTX subsidiaries. Currently, John Ray III, CEO of this exchange, is collecting all the FTX funds to bring FTX’s crypto services back to line. 

On 8 Nov 2023, WSJ reported that Bullish, Figure Technologies, and Proo are the three FTX bidders and one of them may succeed in winning the bid. 

Bullish is a crypto trading platform founded by former New York Stock Exchange President Tom Farley.  Figure Technologies is a financial technology startup. Proof is a crypto venture capital firm. 

Last month a Bloomberg report confirmed that the FTX bankruptcy team planned to reboot the FTX exchange. At the time the report confirmed that FTX bankruptcy leaders were exploring the best approach to save the FTX customers. 

As per report, the decision on the potential FTX reboot plan will come in Dec of this year and it is not necessary that FTX will collect funding from these bidders, as the FTX team already collected $7 billion+ funds which were sent to politicians, and SBF’s friends. 

Earlier this some legal experts predicted that it would take 4-5 years to see the completion of FTX bankruptcy because it would involve conflict between several jurisdictions, as the exchange was providing cryptocurrency services in almost every country.

FTX price action

FTX token (FTT) is the native token of the FTX exchange which collapsed badly in Nov of last year but in the last 30 days the trade price of this token surged 26% following the FTX reboot news.

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