FTX is in Talks With Three Bidders to Restart Crypto Exchange

FTX Trading Ltd. is evaluating offers from three bidders to restart trading on what was once one of the world’s largest cryptocurrency exchanges before going bankrupt due to fraud claims.
FTX is in Talks With Three Bidders to Restart Crypto Exchange

According to a recent court hearing, FTX Trading is examining offers from three bidders to relaunch trading on one of the world’s top cryptocurrency exchanges prior to the company’s bankruptcy owing to fraud allegations.

Mr. Kevin Cofsky of Perella Weinberg Partners, the company’s investment banker, claimed during the Tuesday court hearing in Wilmington, Delaware, that a decision on the company’s next course of action will be taken by mid-December.

To determine which line of action will best revive the cryptocurrency exchange, FTX carefully evaluates investor bids that may be legally enforceable. Mr. Cofsky went on, “We are engaging with multiple parties every day,” hiding the identities of the bidders.

Mr. Cofsky told US bankruptcy court John Dorsey that one option is to sell the exchange as a whole, as well as a valuable client list of more than nine million people. Alternatively, FTX could decide to restart the cryptocurrency exchange on its own, or a partnership could arise.

A few days ago, users of the bankrupt cryptocurrency exchange FTX were allegedly the target of a phishing attempt that offered them a one-of-a-kind opportunity to immediately withdraw their holdings from the defunct exchange.

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