{"id":81735,"date":"2023-11-07T13:27:34","date_gmt":"2023-11-07T18:27:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/investment-firm-proof-group-eyes-revival-of-bankrupt-crypto-exchange-ftx\/"},"modified":"2023-11-07T13:27:37","modified_gmt":"2023-11-07T18:27:37","slug":"investment-firm-proof-group-eyes-revival-of-bankrupt-crypto-exchange-ftx","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81735","title":{"rendered":"Investment Firm Proof Group Eyes Revival of Bankrupt Crypto Exchange FTX"},"content":{"rendered":"<div>\n<figure id=\"attachment_125096\" aria-describedby=\"caption-attachment-125096\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-125096\" class=\"wp-caption-text\">Source: AdobeStock \/ Rafael Henrique<\/figcaption><\/figure>\n<p>Proof Group is one of three bidders eyeing a potential acquisition of the fallen crypto exchange FTX according to multiple sources familiar with the matter. <\/p>\n<p>The investment firm is already familiar with the crypto sector. As part of the Fahrenheit Consortium, the company worked with numerous other investors and crypto businesses, including Arrington Capital, in May to win an auction for Celsius \u2013 a crypto lending firm that went bankrupt four months before FTX.\u00a0<\/p>\n<p>According to a source contacted by <i>Bloomberg<\/i>, Proof has already approached other investors to gauge potential interest in the bid. CoinDesk was the first to report Proof\u2019s bid on Monday. <\/p>\n<p>Proof\u2019s website shows that the firm has invested in dozens of crypto startups, including the Apto blockchain development team Aptos Labs, cross-chain interoperability network Thorchain, and Lightspark \u2013 a company leveraging Bitcoin\u2019s lightning network to enable fast, cheap, and global fiat currency transfers. <\/p>\n<p>The company is also responsible for setting up a staking platform on Celsius as part of the latter platform\u2019s relaunch, bankruptcy filings show. Staking lets investors in certain cryptos generate yield by locking up their tokens to provide security for the networks that they trade on.<\/p>\n<p>Proof Group also includes leadership well-entrenched with crypto industry leaders. Its founder and managing partner, Noah Jessop, was once an executive at Core Scientific \u2013 a major Bitcoin mining firm that\u2019s been navigating through its own bankruptcy process since December. <\/p>\n<p>Jessop was also a product manager at Libra\u2013Meta\u2019s failed attempt to launch a USD-pegged stablecoin.<\/p>\n<h2>FTX Bankruptcy Progress<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>As reported last month, FTX is said to be actively negotiating with its bidders for potential binding offers. Options on the table include restarting the exchange in collaboration with a partner or selling the entire platform \u2013 which includes 9 million customers.\u00a0<\/p>\n<p>The company\u2019s investment banker, Kevin M. Cofsky, said at the time that the company would decide how to proceed by mid-December. <\/p>\n<p>FTX\u2019s founder Sam Bankman-Fried was convicted of seven counts of fraud and conspiracy earlier this month and faces a maximum of 115 years in prison. <\/p>\n<p>The disgraced boss has another trial currently slated for March 11, where he will be tried for securities fraud, derivatives fraud, and various forms of conspiracy. The DOJ has until February 1 to inform the judge overseeing the case if it intends to pursue those charges.<\/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\/investment-firm-proof-group-eyes-revival-of-bankrupt-crypto-exchange-ftx.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Rafael Henrique Proof Group is one of three bidders eyeing a potential acquisition of the fallen crypto exchange FTX according to multiple sources familiar with the matter. The investment firm is already familiar with the crypto sector. As part of the Fahrenheit Consortium, the company worked with numerous other investors and crypto [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-81735","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>Investment Firm Proof Group Eyes Revival of Bankrupt Crypto Exchange FTX | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ Rafael Henrique Proof Group is one of three bidders eyeing a potential acquisition of the fallen crypto exchange FTX according to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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