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FTX News: Newly instated FTX CEO, John J. Ray III, has expressed interest in rebooting the failed crypto exchange a couple of times in the past. However, the proposition of a possible reboot has taken shape over the past few months and if recent reports are to be believed, a prominent venture capitalist has shown interest in reviving the exchange with a fresh capital infusion.
Tribe Capital Offers $250 Million
Tribe Capital, a venture firm that invested in the platform prior to the FTX crash, is now mulling a fresh capital injection of $250 million to jump-start the initiative. According to a Bloomberg report, the Tribe co-founder Arjun Sethi met with FTX’s committee of unsecured creditors to discuss the informal proposal in January.
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The report states that the investment firm is considering taking the lead on a fund-raising drive with a target amount of $250 million, with an initial anchor contribution of $100 million from the company and its limited partners. Tribe was an investor in both the international FTX exchange and its American subsidiary, FTX US. The San Francisco-based VC, which has more than $1.6 billion under management, invests in a variety of businesses and has also funded the cryptocurrency exchange Kraken.
FTX Reboot Might Happen As Early As Q2
On Tuesday, the committee of unsecured creditors of FTX announced that they had begun working with the debtors to analyze all of the potential options to either reboot or sell the FTX exchanges in order to produce value for its creditors. And, although there hasn’t been any official timetable for the reboot, John J. Ray III has hinted at Q2 of this year in a previous court filing.
The Committee is working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors.
— Official Committee of Unsecured Creditors of FTX (@FTX_Committee) April 18, 2023
As reported earlier on CoinGape, FTX CEO plans to decide during the second quarter whether or not it is possible to resume the exchange. Additionally, according to the monthly fee filings submitted by FTX’s lawyers for the month of February, attorneys were found to be working on a variety of issues connected to the initiative.
These issues included meeting with Sygnia Inc. — the security firm that advised FTX after the platform was hacked in November — on potential reboot concerns, tax repercussions and email exchanges with advisors regarding the “development of mock-up exchange to evaluate user experience.”
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