Compilation: Felix, PANews

Since FTX's new CEO John J. Ray III stated in June that FTX "has begun soliciting interested parties to relaunch the FTX.com exchange," well-known companies including Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Robinhood, and NYDIG have expressed interest in the FTX 2.0 relaunch. Even companies like BlackRock have been contacted and have signed nondisclosure agreements to seek more detailed information about the restructuring and relaunch of the exchange.

After 5 months, news about the FTX relaunch has resurfaced, and some have even started "bottom fishing." Can it be restarted, and when? This article will take you on a journey to find out.

Three Candidate Companies Established

On November 8, according to sources cited by The Wall Street Journal, cryptocurrency exchange Bullish operated by Tom Farley, former president of the New York Stock Exchange under Block.one, financial technology startup Figure Technologies, and cryptocurrency venture capital firm Proof Group are competing to acquire FTX.

It is reported that FTX has received intentions from over 70 institutions, and the investment bank Perella Weinberg Partners involved in the bidding process stated that it has narrowed down to three candidate companies, but did not disclose specific names. The eventual winner may be selected in mid-December and could relaunch the exchange after the conclusion of FTX's bankruptcy proceedings next year. Other options under consideration include selling the entire exchange, including a list of over 9 million customers, or bringing in partners.

The latest disclosed institution participating in the acquisition, Proof Group, is headquartered in Silicon Valley and has been involved in investing in cryptocurrency startups such as Aptos Labs, Mysten Labs, and Lightspark. Proof Group is part of the Fahrenheit Consortium, which successfully bid for the bankrupt cryptocurrency lending institution Celsius. As part of the restart of Celsius, Proof Group is establishing a collateral platform for the company. Noah Jessop, founder and managing partner of Proof Group, is a former executive of cryptocurrency miner Core Scientific. Jessop has also served as a product manager for the Libra Association.

US SEC Chairman Says Restarting FTX is Possible

In response to reports that Tom Farley, former president of the New York Stock Exchange, is one of the three bidders to acquire FTX, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated during Washington Fintech Week that restarting FTX is possible if the new leadership has a clear understanding of the law.

Gary Gensler stated: "If Tom Farley or anyone else wants to enter the crypto space, I would say, 'Do it within the bounds of the law.' You need to build trust with the investors for what you're doing, make sure there's proper disclosure, and make sure you're not commingling business. Or using customers' crypto assets for your own purposes."

When FTX applied for bankruptcy a year ago, it transferred customer funds to hedge fund Alameda Research. Alameda is a market maker for the FTX exchange and has been granted privileges, including a $65 billion credit line without the need for collateral and the ability to have negative numbers in its trading bets without having to settle its positions.

Gensler stated, "We would never let the New York Stock Exchange also operate a hedge fund and trade with its members or trade with customers in the market," and when considering new rules for regulating the industry, the existing securities laws are "quite robust and strong." They just need to be enforced. "There's nothing about crypto that's outside of our securities laws. There are a lot of participants globally who are not following these time-tested laws."

OTC Rumors of 50% Discount Purchase of "Non-Performing Assets"

With many well-known institutions competing to acquire FTX and the statement from the US SEC chairman, the probability of FTX relaunching is increasing. Many in the community have started to spread rumors that over-the-counter purchases of individuals' asset claims within FTX are being offered at a 50% discount based on the price on the day of the bankruptcy application (November 11), with an additional 5% fee.

Regarding the form of OTC transactions, a purchaser explained that the transactions will be based on factors such as whether the claimant is an individual or a company, the number of accounts, whether there is a claimant ID, and the net withdrawal amount in the ten days before the closure. In addition to the 50% discount, a 5% fee will be charged, and the buyer will be sent a letter of intent and authorization.

After obtaining the client number from Kroll (FTX's bankruptcy claims agent) and understanding the withdrawal and deposit situation in November, a price will be provided and a pricing confirmation letter will be sent. Once pricing is agreed upon, the transaction will commence. The transaction will require the claimant's proof of claim, withdrawals, deposits, ID, proof of address, and a brief video call. After completing this process, the final agreement will be sent, and once signed, the funds will be sent.

As a result of these rumors, according to CoinGecko data, FTX's platform token FTT rose by 80% to $2.27 within 24 hours.

Although a relaunch is possible, it is not an easy task, as there are still many variables in the FTX bankruptcy case. The relaunch must address aspects such as claims, token lockups, and compliance, making the process complex. Thomas Braziel, founder of bankruptcy firm 117 Partners, stated that the bankruptcy of cryptocurrency lending institution Voyager attracted many hopeful bidders who wanted to restructure the company and provide tokens to creditors, but ultimately to no avail, providing a precedent for the complexity of restarting FTX.

Aside from a relaunch, FTX is also considering other options, including selling the entire exchange and its list of over 9 million customers, or bringing in partners. Perella Weinberg Partners, the investment bank handling FTX's bankruptcy proceedings, stated that FTX is expected to make a decision before mid-December.

It is worth noting that FTX is actively selling assets. On November 6, FTX and its creditors filed an application with the Delaware bankruptcy court to approve the sale of approximately $744 million worth of Grayscale and Bitwise trust assets through an investment advisor. This is intended to prepare for the upcoming monetary distribution to creditors and allow FTX to quickly sell these trust assets at the appropriate time. Additionally, by establishing a pricing committee, all stakeholders will have representation to mitigate the costs and delays associated with individually selling each asset.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。