FTX navigates post-bankruptcy options, weighs sale or revival
FTX is carefully considering its future after going through bankruptcy proceedings.
According to a Bloomberg report, during a court hearing in Wilmington, Delaware, Kevin Cofsky, the company’s investment banker from Perella Weinberg Partners, revealed that a decision regarding the company’s direction would be made by mid-December. Additionally, active negotiations are underway with various investors regarding potentially binding offers.
Several possibilities are being considered, including selling the entire exchange, which includes its extensive customer base of over nine million, to forming a partnership with another entity to revive the platform. Cofsky has contemplated the prospect of FTX independently revitalizing its trading platform. However, the identities of the potential bidders have not been disclosed.
Following its bankruptcy declaration last year , FTX has sought to raise funds for creditor repayment. As per court records, FTX administrators have successfully reclaimed approximately $7 billion in assets , with a substantial $3.4 billion in cryptocurrency.
Related: Sam Bankman-Fried seeks expert to counter testimony from DOJ witnesses
Additionally, during the court proceedings, the company’s attorney, Andrew Dietderich, reportedly disclosed that certain complex disputes with key creditor groups have reached a preliminary resolution. This development allows FTX to proceed with a comprehensive payout strategy by December. Nevertheless, the precise percentage of customer recovery remains undetermined and will largely hinge on the outcome of either selling the exchange or revitalizing it.
Former FTX CEO Bankman-Fried is currently on criminal trial in New York , where he faces allegations of diverting FTX customer funds to a separate entity under his control. These funds purportedly funded high-risk trades, substantial political contributions and the acquisition of luxury properties.
Magazine: Can you trust crypto exchanges after the collapse of FTX?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BERAUSDT now launched for futures trading and trading bots
US watchdog lodges complaint with DOJ, OGE over President Trump's official memecoin
Public Citizen has complained to the DOJ and OGE, calling for an investigation into President Trump over alleged federal violations related to his official memecoin launch.Federal law strictly regulates payments to government officials and bars gift solicitation, the watchdog said.
![](https://img.bgstatic.com/multiLang/image/social/2cfcb688560d99f8737a3ecfa4d2b03f1738854043391.jpg)
Ondo Finance expands onchain offerings with new Layer 1 blockchain
Franklin Templeton, Wellington Management and WisdomTree, among others, will advise on the design of Ondo Chain.Ondo Finance on Tuesday launched Ondo Global Markets, designed to open onchain exposure to stocks, bonds and ETFs.
![](https://img.bgstatic.com/multiLang/image/social/a8e3bf33a8b80f557c5ad8faf048fbd71738854043168.png)
BNB Chain's test memecoin surged to a $52 million market cap minutes after CZ posted about it
A BNB Chain test memecoin (TST) soared to a $52 million market cap within minutes of Changpeng “CZ” Zhao’s X post mentioning “happy trading!”Zhao clarified that TST is not an official BNB Chain token and that no one from Binance holds it.
![](https://img.bgstatic.com/multiLang/image/social/e3d18472efca32319251e978b2a88bd41738854043286.jpg)
Trending news
MoreCrypto prices
More![Bitcoin](https://img.bgstatic.com/multiLang/coinPriceLogo/bitcoin.png)
![Ethereum](https://img.bgstatic.com/multiLang/coinPriceLogo/ethereum.png)
![Tether USDt](https://img.bgstatic.com/multiLang/coinPriceLogo/0208496be4e524857e33ae425e12d4751710262904978.png)
![XRP](https://img.bgstatic.com/multiLang/coinPriceLogo/ripple.png)
![Solana](https://img.bgstatic.com/multiLang/coinPriceLogo/solana.png)
![BNB](https://img.bgstatic.com/multiLang/coinPriceLogo/binance.png)
![USDC](https://img.bgstatic.com/multiLang/coinPriceLogo/usdc.png)
![Dogecoin](https://img.bgstatic.com/multiLang/coinPriceLogo/dogecoin.png)
![Cardano](https://img.bgstatic.com/multiLang/coinPriceLogo/cardano.png)
![TRON](https://img.bgstatic.com/multiLang/coinPriceLogo/tron.png)