Candidate Buyers for FTX Acquisition
The bankrupt cryptocurrency exchange FTX has attracted interest from several potential buyers, including Tom Farley, former president of the New York Stock Exchange, according to the Wall Street Journal. More than 70 parties have expressed interest in purchasing FTX, with three final offers in the running for a possible acquisition after the expected exit from bankruptcy next year.
Three entities are competing to acquire and relaunch FTX: Bullish, led by Tom Farley, Figure Technologies, a fintech startup, and Proof Group, a crypto-focused venture capital firm. The identity of the buyers has been partially revealed, with a decision expected in December, although the outcome remains uncertain, and other offers may emerge.
The value of FTX’s 9 million clients is emphasized, although some potential buyers may choose to forgo the FTX brand. The challenge lies in identifying the unique clients without compromising their privacy.
Outlook for Sam Bankman-Fried
Sam Bankman-Fried, the founder of FTX, has been found guilty of misappropriating client funds. His sentence, which could be up to 112 years in prison, will be pronounced on March 28, 2024. His lawyer, Mark Cohen, states that Bankman-Fried will continue to fight the charges despite the dismissal of an acquittal request.