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The Reboot Of FTX Is Active With Three Giants Compete Amidst Scandal

Key Points:

Bullish, Figure Technologies, and Proof Group vie for FTX assets in its final auction.
The exact winner may be determined in December, further advancing the reboot of FTX.

According to the Wall Street Journal, former New York Stock Exchange President Tom Farley’s company, Bullish, is one of three bidders vying to acquire the remaining assets of FTX as the auction for the collapsed cryptocurrency exchange founded by Sam Bankman-Fried enters its final stages. The reboot of FTX is at the center of this high-stakes competition.

The Reboot Of FTX Is Active With Three Giants Compete Amidst Scandal 2

Three Contenders Compete for FTX Assets in Final Auction

Joining Bullish in the bidding are financial technology startup Figure Technologies and cryptocurrency venture capital firm Proof Group. The reboot of FTX is a significant focal point, as the winning bidder will have the opportunity to restart the trading platform after it exits bankruptcy proceedings next year.

A banker advising FTX mentioned receiving interest from over 70 parties and narrowing it down to three potential suitors, without naming them. The exact winner in the reboot of FTX may be determined in December.

The Reboot of FTX Effort Amidst Financial Turmoil and Fraud Charges

FTX, once a major global cryptocurrency exchange, suddenly collapsed in November 2022 following a run on customer funds. Bankman-Fried, the founder, was charged with fraud and convicted on all seven counts he faced, potentially facing up to 110 years in prison. The reboot of FTX is seen as a potential turning point in its troubled history.

Bullish, led by Tom Farley and backed by investors like Peter Thiel’s Founders Fund, Figure Technologies, co-founded by former SoFi CEO Mike Cagney, and Proof Group, part of a consortium that previously won the auction for Celsius, are now in a fierce competition to revive the fortunes of FTX.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.