Celsius

Aptos

Kevin

Proof Group, part of the <a href="https://cryptoslate.com/fahrenheit-wins-auction-for-celsius-assets/">Fahrenheit consortium</a> that acquired bankrupt Celsius Network, has shown interest in the potential relaunch of FTX, Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-11-06/celsius-co-owners-proof-group-behind-potential-bid-to-relaunch-crypto-s-ftx">reported</a>, citing people familiar with the matter. 
The investment firm is reportedly exploring potential partnerships with other entities to secure the acquisition of FTX. 
Proof Group is a prominent Silicon Valley company that has previously invested in various blockchain and crypto ventures, including Aptos Labs, Farcaster, ThorSwap, Sui, and others. 
The company’s website says it is focused on “backing the next generation of founders building disruptive financial technology.” 
Meanwhile, these developments follow earlier statements regarding the possible revival of the defunct FTX exchange. In October, Kevin M. Cofsky, an investment banker representing the exchange, <a href="https://www.bloomberg.com/news/articles/2023-10-24/ftx-is-negotiating-with-three-bidders-to-restart-crypto-exchange">informed</a> the bankruptcy court that FTX was actively engaged with three interested bidders regarding a potential acquisition. 
Cofsky also mentioned that the exchange considered other options, such as relaunching independently or forming partnerships with other interested parties. A final decision on the future of FTX is expected by December. 
The exchange has been involved in different processes to make its customers and investors whole since its bankruptcy almost a year ago. As of September, the exchange has <a href="https://cryptoslate.com/ftx-court-filing-reveals-7b-in-assets-as-firm-aims-to-complete-bankruptcy-process-by-second-quarter-2024/">recovered</a> approximately $7 billion worth of assets, including cash holdings and crypto. 
Additionally, the bankrupt firm has <a href="https://cryptoslate.com/bankrupt-ftx-moves-156m-worth-of-assets-including-ethereum-and-solana/">initiated</a> the transfer of some of its crypto assets to exchanges, including Binance and Coinbase, and is <a href="https://cryptoslate.com/bankrupt-ftx-wants-to-liquidate-744-million-in-assets-from-grayscale-and-bitwise/">requesting approval</a> to divest its Trust assets with BitWise and Grayscale. 
Meanwhile, these developments are juxtaposed with the recent <a href="https://cryptoslate.com/billions-in-user-funds-were-lost-crypto-community-reacts-to-sbf-guilty-verdict/">conviction</a> of the exchange’s former CEO, Sam Bankman-Fried. 
Following a verdict by a U.S. jury, SBF was found guilty of seven fraud-related charges. He is scheduled to be sentenced on March 28, 2024, potentially <a href="https://cryptoslate.com/sbf-will-likely-serve-25-years-rather-than-max-sentence-former-doj-prosecutor-says/">facing a prison term</a> exceeding 100 years. 
The post <a rel="nofollow" href="https://cryptoslate.com/investment-firm-involved-in-celsius-acquisition-reportedly-eyeing-ftx/">Investment firm involved in Celsius acquisition reportedly eyeing FTX</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Investment firm involved in Celsius acquisition reportedly eyeing FTX

CryptoSlate

Other articles published on Nov 7, 2023

Ethereum Insider Says Fraud Revelations Will Come In ‘Weeks Not Months’

Crypto in Springfield: 5 Crypto Episodes of The Simpsons

ETHEREUM TECHNICAL ANALYSIS CMP-$1880: Is ETH Price Set to Exceed $2K?

US Lawmaker Proposes Reduction in SEC Chair’s Annual Salary

BLUR Jumps 21%, Its Trigger Might Surprise You

Unlock Your Trading Prowess: Bybit’s VIP Grand Prix Offers a Season of Competition

Join our free newsletter for daily crypto updates!