Former NYSE President Makes Move To Relaunch Bankrupt Crypto Exchange FTX: Report
The former president of the New York Stock Exchange (NYSE) is reportedly attempting to relaunch bankrupt crypto exchange platform FTX.
According to a new report by The Wall Street Journal, a company run by former NYSE president Tom Farley is joining an auction and placing bids to purchase the remnants of collapsed digital assets exchange FTX.
Farley’s company – a technology firm focused on developing financial services for the crypto industry called Bullish – is joined by two other companies vying to purchase FTX.
WSJ reports that an unnamed banker who advised FTX on the selling process said that originally, there were 70 different companies interested in buying FTX. However, it has now been narrowed down to just three firms and a winner should be determined by sometime in December.
The report also notes that a winner is not guaranteed and that a new suitor could emerge at any time. Furthermore, FTX’s assets in the Bahamas are not part of the sales process.
The other two groups interested in purchasing FTX include fintech startup Figure Technologies and venture capital firm Proof Group.
FTX went under in November 2022, at the time being one of the largest crypto exchanges in the world. Its disgraced founder, Sam Bankman-Fried, was recently convicted of defrauding investors, mishandling billions of dollars worth of customer funds, and conspiracy to commit money laundering.
He’s currently awaiting sentencing and could face a maximum of 110 years behind bars.
Featured Image: Shutterstock/Terablete