{"id":77178,"date":"2023-10-26T15:43:37","date_gmt":"2023-10-26T19:43:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/three-bidders-in-the-running-for-relaunch\/"},"modified":"2023-10-26T15:43:41","modified_gmt":"2023-10-26T19:43:41","slug":"three-bidders-in-the-running-for-relaunch","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77178","title":{"rendered":"Three Bidders in the Running for Relaunch"},"content":{"rendered":"<div>\n<figure id=\"attachment_121116\" aria-describedby=\"caption-attachment-121116\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-121116\" class=\"wp-caption-text\">Source: Adobe \/ Ascannio<\/figcaption><\/figure>\n<p>Bankrupt crypto exchange FTX\u2019s new management is evaluating proposals from three potential bidders to revive its trading platform, according to a Bloomberg report.<\/p>\n<p>The final decision on how to proceed is expected by mid-December, as stated by Kevin M. Cofsky, an investment banker from Perella Weinberg Partners, during a recent court hearing in Delaware.<\/p>\n<p>FTX is actively engaged in negotiations with these investors to discuss potential binding offers, which could take different forms, the report said.<\/p>\n<p>The options include selling the entire exchange, which boasts over 9 million customers, or collaborating with a partner to restart the exchange.<\/p>\n<p>Furthermore, FTX is also evaluating the possibility of rebooting the trading platform independently without any new partner.<\/p>\n<p>According to Bloomberg, Kevin Cofsky noted that discussions are ongoing with multiple parties, although he did not disclose the identities of these bidders.<\/p>\n<p>\u201cWe are engaging with multiple parties every day,\u201d Cofsky was quoted as saying.\n<\/p>\n<h2>FTX searching for funds<\/h2>\n<p>\nThe bankruptcy filing last year prompted FTX to seek funds for creditor repayment.<\/p>\n<p>Thus far, administrators have managed to recover approximately $7 billion in assets, including $3.4 billion worth of crypto, according to court documents.<\/p>\n<p>But while assets are being recovered, the bankruptcy estate is also racking up legal fees, spending more than $200 million so far, according to some reports.<\/p>\n<p>As the main creditor groups and FTX have tentatively settled several key disputes, the company is aiming to submit a detailed payout plan in December, which Bloomberg noted typically provide creditors with an estimated recovery percentage.<\/p>\n<p>FTX\u2019s co-founder CEO, Sam Bankman-Fried, stepped down as CEO following the bankruptcy of the exchange in November last year.<\/p>\n<p>He is currently facing charges in New York related to alleged mishandling of FTX customer funds.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/ftxs-next-move-three-bidders-in-the-running-for-relaunch.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe \/ Ascannio Bankrupt crypto exchange FTX\u2019s new management is evaluating proposals from three potential bidders to revive its trading platform, according to a Bloomberg report. The final decision on how to proceed is expected by mid-December, as stated by Kevin M. Cofsky, an investment banker from Perella Weinberg Partners, during a recent court [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-77178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Three Bidders in the Running for Relaunch | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Adobe \/ Ascannio Bankrupt crypto exchange FTX\u2019s new management is evaluating proposals from three potential bidders to revive its trading\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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