Investment Firm Proof Group Bids to Revive Bankrupt Crypto Exchange FTX
According to reports, investment firm Proof Group is one of three bidders looking to revive bankrupt crypto exchange FTX. Proof Group has previous experience in the crypto sector and was part of the Fahrenheit Group that acquired bankrupt crypto lender Celsius’ assets in May. CoinDesk first reported on Proof Group’s involvement, and they have also approached other investors to join the bid. Noah Jessop, managing partner of Proof Group, has a background in blockchain mining and previously worked at the Libra Association. Lawyers involved in FTX’s bankruptcy planning are considering multiple proposals for the exchange’s future.
Multiple Proposals Being Considered for FTX
Lawyers working on FTX’s bankruptcy case are evaluating various proposals for the exchange’s future. Kevin Cofsky, partner at investment bank Perella Weinberg Partners, stated that they have been engaging with interested parties who want to acquire FTX’s assets or partner with the debtors for a relaunch. They are also exploring the potential to reorganize the assets independently. Cofsky mentioned that a stalking horse bid, an initial offer on a bankrupt company’s assets, is expected to be announced in mid-December.
Former CEO Convicted of Fraud
The former CEO of FTX, Sam Bankman-Fried, was recently convicted of defrauding customers, lenders, and investors. His sentencing is scheduled for March.
Hot Take: Proof Group Aims to Resurrect FTX Exchange
Investment firm Proof Group is making a bid to revive bankrupt crypto exchange FTX. With experience in the crypto sector and previous success in acquiring Celsius’ assets, Proof Group is positioning itself as a potential savior for FTX. They have approached other investors to join the bid, indicating their commitment to relaunching the exchange. While multiple proposals are being considered for FTX’s future, Proof Group’s involvement brings hope for a successful revival. However, the looming sentencing of former CEO Sam Bankman-Fried for fraud adds an element of uncertainty to the situation. The outcome will be revealed in mid-December when the stalking horse bid is announced.
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