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 <h2 id="strong-the-ftx-relaunch-plans-strong"><strong>The FTX Relaunch Plans</strong></h2> 
 <p><span style="font-weight: 400">This is expected to bring about a revival in the market activity that had been subdued following the implosion of the market in November 2022. So far, the FTX estate has contacted over 75 bidders as a way of measuring industry players’ interest in supporting the re<a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of the cryptocurrency exchange. Several bids have been submitted and are currently being scrutinized.</span></p>  
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 <p><span style="font-weight: 400">Precisely, managers of the estate have confirmed that due diligence and information sharing are ongoing. The deadline for the submission of new bids has been scheduled for September 24th. Coingape recently reported that TRON founder Justin Sun is considering </span><span style="font-weight: 400">bidding</span><span style="font-weight: 400"> for the exchange’s tokens and assets.</span></p> 
 <p><span style="font-weight: 400">Potential structures for the <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of FTX 2.0 are been considered. Based on a filing, it could either be “an acquisition, merger, recapitalization or other transaction to re<a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> the FTX.com and/or FTX US exchanges.” On October 16th, the baseline offer otherwise known as a stalking-horse bid, will be selected alongside an amended plan filed by year-end.</span></p> 
 <p><span style="font-weight: 400">The estate has recovered a total of $7 billion in assets including $1.16 billion worth of&nbsp;Solana (SOL), $560 million worth of Bitcoin (BTC) and $192 million in Ethereum (ETH) as part of a crypto portfolio worth $3.4 billion.</span></p>  
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 </div> 
 <h2 id="strong-concerted-efforts-from-ftx-executives-strong"><strong>Concerted Efforts From FTX Executives</strong></h2>  
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 <p><span style="font-weight: 400">FTX imploded in November following some claims that Sam Bankman-Fried, the Chief Executive Officer (CEO) at that time, was mishandling customers’ deposits. Thereafter, SBF resigned and John Ray III took over as the CEO.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Upon taking over, John began to imply that the exchange may be </span><span style="font-weight: 400">revived</span><span style="font-weight: 400"> and a look at one of his billing report confirmed that the reboot was already in works. During that time, he considered the 2.0 bidder list amongst many other items. The news of the re<a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> triggered mixed feelings from the broad crypto community.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Many crypto enthusiasts argued that it would be very improbable citing certain issues including persistent technical failures, notably high latency, and software bugs. These aforementioned challenges plagued the cryptocurrency exchange from the beginning and played a crucial role in its implosion which last year.</span></p> 
 <p><span style="font-weight: 400">By August, FTX 2.0 plans had </span><span style="font-weight: 400">progressed</span><span style="font-weight: 400"> significantly and plans were set in place to complete cash payment to creditors.</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bidding-deadline-relaunch-plans-for-ftx-2-0-revealed-tbt62334.html">https://thebittimes.com/bidding-deadline-relaunch-plans-for-ftx-2-0-revealed-tbt62334.html</a></p>

Bidding Deadline, Relaunch Plans for FTX 2.0 Revealed

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