Silicon Valley’s Proof Group, a renowned investment
firm, is bidding to relaunch FTX, the crypto exchange that shook the industry
when it collapsed nearly a year ago. Proof Group is part of the Fahrenheit Consortium, which successfully bid to acquire the assets of the insolvent crypto
lender Celsius.
Currently, there are three potential options under
consideration. Proof Group, in collaboration with other interested parties,
is at the forefront of the efforts to relaunch FTX. This is according to a
report by Coindesk, which cited people familiar with the matter.
The revival of FTX is a complex process with
multiple avenues being explored. One option involves selling the entire
exchange and transferring its nine million customers.
Alternatively, a partnership could be established to restart the crypto exchange.
The decision regarding FTX’s future will reportedly be reached by
mid-December.
Proof Group is not the only player eyeing FTX’s
resurgence. Fintech and digital assets firm Figure, which previously bid for
Celsius as part of the NovaWulf group, is among those interested in reopening FTX. Additionally, Tribe Capital, a venture capital investor, has submitted
its bid.
FTX’s Comeback and Regulatory Hurdles
In August, FTX officially unveiled a plan to restart the international crypto exchange. This strategy allows creditors to join
forces and pool their claims for the re-establishment. However, it’s worth noting that
no compensation was proposed for FTT token holders. The US Securities and
Exchange Commission has classified the token as an unregistered security.
Meanwhile, Sam Bankman-Fried, the Founder and former
CEO of FTX, was found guilty of seven counts of fraud, conspiracy, and
money laundering following a five-week trial in New York last week.
Bankman-Fried now faces decades in prison, with his sentencing scheduled for
March 28, 2024.
US Attorney Damian Williams, outside the courtroom,
labeled Bankman-Fried’s actions as one of the most significant financial
frauds in American history. Despite the guilty verdict, Bankman-Fried’s
attorney has signaled an intention to appeal.
Silicon Valley’s Proof Group, a renowned investment
firm, is bidding to relaunch FTX, the crypto exchange that shook the industry
when it collapsed nearly a year ago. Proof Group is part of the Fahrenheit Consortium, which successfully bid to acquire the assets of the insolvent crypto
lender Celsius.
Currently, there are three potential options under
consideration. Proof Group, in collaboration with other interested parties,
is at the forefront of the efforts to relaunch FTX. This is according to a
report by Coindesk, which cited people familiar with the matter.
The revival of FTX is a complex process with
multiple avenues being explored. One option involves selling the entire
exchange and transferring its nine million customers.
Alternatively, a partnership could be established to restart the crypto exchange.
The decision regarding FTX’s future will reportedly be reached by
mid-December.
Proof Group is not the only player eyeing FTX’s
resurgence. Fintech and digital assets firm Figure, which previously bid for
Celsius as part of the NovaWulf group, is among those interested in reopening FTX. Additionally, Tribe Capital, a venture capital investor, has submitted
its bid.
FTX’s Comeback and Regulatory Hurdles
In August, FTX officially unveiled a plan to restart the international crypto exchange. This strategy allows creditors to join
forces and pool their claims for the re-establishment. However, it’s worth noting that
no compensation was proposed for FTT token holders. The US Securities and
Exchange Commission has classified the token as an unregistered security.
Meanwhile, Sam Bankman-Fried, the Founder and former
CEO of FTX, was found guilty of seven counts of fraud, conspiracy, and
money laundering following a five-week trial in New York last week.
Bankman-Fried now faces decades in prison, with his sentencing scheduled for
March 28, 2024.
US Attorney Damian Williams, outside the courtroom,
labeled Bankman-Fried’s actions as one of the most significant financial
frauds in American history. Despite the guilty verdict, Bankman-Fried’s
attorney has signaled an intention to appeal.
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- Source: https://www.financemagnates.com//cryptocurrency/ftxs-second-chance-silicon-valleys-proof-group-eyes-relaunch-plans/
