Defunct cryptocurrency exchange, FTX is facing tough circumstances and is declining day by day. FTX lawyers are trying their best in judicial proceedings. Sam Bankman-Fried is also behind bars and facing courts and trials. Amid such a scenario, lawyers disclosed that FTX is now looking for multiple options to come back into the crypto market.
FTX Has Three Bids on the Table
As FTX seeks a comeback into the crypto market, FTX has three different bids on the table and the firm is reconsidering these three options. First, to sell the exchange, the second option is to restart the cryptocurrency exchange by seeking partnering, and the third option is to relaunch the exchange on its own. Moreover, FTX is in talks with some potential buyers on the details of the exchange’s terms and conditions.
During a recent court hearing, Kevin Cofsky, a partner from Perella Weinberg Partners shared his views with the media. He said that they are exploring the capital market and restructuring opportunities for the defunct FTX exchange. Moreover, he confirmed that they have been talking to potential partners to either buy the old exchange assets or work together on a new one. And they are considering how to reorganize the assets independently.
FTX’s Efforts to Recover Billions for Creditor Repayment
After declaring bankruptcy last year, FTX has been trying to gather money to pay its creditors. According to court documents, FTX has already recovered about $7 billion in assets, including a significant $3.4 billion in cryptocurrency.
Andrew Dietderich, the lawyer of FTX said that they’ve made progress in settling disputes with prominent creditors. This is a step towards FTX’s plan to pay customers by December. However, the exact amount customers will get depends on whether they sell or revive the exchange.
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