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Breaking: Bankrupt FTX Exchange Gets $250M Offer For Relaunch

Recent FTX news indicates that a prominent venture capitalist is keen on resurrecting the failed crypto exchange by infusing fresh capital.
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Breaking: Bankrupt FTX Exchange Gets $250M Offer For Relaunch

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.

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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.

Read More: U.S. House Committee Proposes New Crypto Legislation With One Key Distinction

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.

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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.

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.”

Also Read: Do Kwon Faces Major Loss To U.S. SEC As Court Grants Key Approval

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Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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