Fallen crypto exchange FTX is eyeing a revival before the end of 2023. It is currently in talks with multiple bidders to reboot its trading business.
FTX is considering proposals from three bidders to restart its crypto exchange, according to a «Bloomberg» report citing Kevin M. Cofsky of Perella Weinberg Partners – the firm’s investment bank – in a court hearing in Delaware.
Options being considered include selling the entire exchange and its customer base of nine million, bringing in a partner, or rebooting the business on its own. The names of the bidders were not disclosed. A decision on how to proceed will be made by mid-December.
Recovery Plan
In addition, FTX attorney Andrew Dietderich said in court that the firm and its main creditors have tentatively settled some of the most difficult disputes, enabling a detailed payout plan to be filed in December. The program could provide estimates on repayment to creditors, though it is not yet known how much FTX customers will recover.
Since filing for bankruptcy last year, FTX managers have managed to recover $7 billion in assets thus far, including $3.4 billion of crypto.
