FTX seeks final submissions this week from interested parties for revival plans: WSJ
Any party that wants to help finance or participate in the restart of FTX must submit initial indications of interest this week to the company and its advisers, the Wall Street JournalThe restart could happen through structures including a joint venture, the report said, quoting unnamed sources. FTX would also likely rebrand as part of any restart, and certain existing users could get stakes in any reorganized entity, per the report.
He added that the exchange would be regulatory compliant and that creditors would end up as equity owners of a significant portion — or all — of the exchange. While FTX aims to revive its international exchange, it is reportedly uncertain whether its U.S. exchange, which represented a smaller part of its business, will resume operations. The revival efforts come at a time when regulators are scrutinizing the crypto sector, and recovering misspent customer funds has proven challenging for FTX.customers around $8.7 billion when it filed for bankruptcy last year, according to a new report from the FTX team released earlier this week.
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