Revive

Hope

Kevin

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126837/334905/ftx-2-0.jpg" alt="" srcset="https://cimg.co/news/126837/334905/responsive-images/ftx-2-0___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/126837/334905/responsive-images/ftx-2-0___media_library_original_900_600.jpg 900w, https://cimg.co/news/126837/334905/responsive-images/ftx-2-0___media_library_original_720_480.jpg 720w, https://cimg.co/news/126837/334905/responsive-images/ftx-2-0___media_library_original_600_400.jpg 600w, https://cimg.co/news/126837/334905/responsive-images/ftx-2-0___media_library_original_300_200.jpg 300w" sizes="100vw" width="1200" class="content-img"><figcaption>Source: Adobe / Ascannio</figcaption></figure>Fallen crypto exchange FTX is currently evaluating proposals from three prospective bidders seeking to restart the crypto trading platform, according to a recent <a href="https://www.bloomberg.com/news/articles/2023-10-24/ftx-is-negotiating-with-three-bidders-to-restart-crypto-exchange">Bloomberg report</a>.During a court hearing held in Wilmington, Delaware, Kevin M. Cofsky, the investment banker representing FTX from Perella Weinberg Partners, disclosed the company's intentions to reach a decision regarding these proposals by the end of the year.&nbsp;The potential avenues for <a href="https://cryptonews.com/news/breaking-ftx-begun-talks-relaunch-international-exchange-rebranding-will-likely-part-of-process.htm">FTX's revival are under consideration</a>, and several options are on the table.<h2 id="ftx-considers-different-scenarios-to-revive-exchange">FTX Considers Different Scenarios to Revive Exchange</h2>One scenario involves selling the entire cryptocurrency exchange, which, during its prime, boasted a customer base of more than 9 million users.&nbsp;Alternatively, FTX could choose to collaborate with an external partner, possibly a strategic investor, to reboot its operations.&nbsp;In the third option, FTX could embark on an independent journey to revive its exchange, albeit without its previous CEO.Sam Bankman-Fried, FTX's former CEO, who had resigned from his position last year amidst financial turmoil, is currently embroiled in a legal battle.&nbsp;He faces seven federal fraud counts related to the alleged diversion of FTX customer funds into Alameda Research for high-risk trading, political contributions, and extravagant property acquisitions. These actions eventually led to the downfall of both entities.<h2 id="glimmer-of-hope-for-ftx-creditors">Glimmer of Hope for FTX Creditors</h2>As these deliberations unfold, there is a glimmer of hope for FTX's creditors. The quest to raise funds for creditor repayment has been relentless since <a href="https://cryptonews.com/news/breaking-ftx-files-for-chapter-11-bankruptcy-sam-bankman-fried-resigns-crypto-prices-crash-instantly.htm">FTX filed for bankruptcy last year</a>.&nbsp;Court documents reveal that FTX's administrators have managed to recover approximately $7 billion in assets, with a significant portion, approximately $3.4 billion, in the form of cryptocurrencies.Since then, significant progress has been made in recent negotiations between major creditor groups. Tentative settlements have been reached on crucial disputes, potentially paving the way for the filing of a comprehensive payout plan in December, according to company attorney Andrew Dietderich.
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FTX Reportedly Considering Bids to Restart Exchange, Decision Expected by Year End

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Cryptonews.com

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