FTX relaunches bidders: Proof Group, Bullish, and Figure.

According to CoinDesk, citing sources familiar with the matter, Silicon Valley investment firm Proof Group is also bidding to relaunch FTX. The current three candidates are Proof Group, Tribe Capital, and Figure, with the final selection expected to be made in mid-December.

FTX May Restart, Decision Expected by Mid-December

According to reports from early August, the restructured team has been in discussions with multiple companies about opportunities to restart the FTX exchange.

Kevin M. Cofsky from FTX's investment bank, Perella Weinberg Partners, mentioned at a court hearing at the end of October that the company will make a decision by mid-December. Cofsky stated that FTX is negotiating with investors on potentially binding offer details, including:

• Selling the entire exchange, including a valuable list of over 9 million customers
• Introducing partners to help restart the exchange
• FTX is also considering restarting the trading platform on its own

Speculated Bidders Include Proof Group, Bullish, and Figure

The bidding for the restart has narrowed down to three candidates, although the restructured team has not disclosed the list, the latest media reports suggest that these three are blockchain technology company Figure, venture capital firm Tribe Capital, and Silicon Valley investment company Proof Group.

According to previous reports, blockchain technology company Figure has expressed interest in relaunching the exchange and has also participated in the bidding for the bankrupt platform Celsius.

Venture capital firm Tribe Capital, managing over $1.6 billion in assets, has also been reported to be interested in investing in the restart. Tribe Capital has investments in the crypto exchange Kraken and the developer behind the blockchain protocol Polygon Labs. According to The Information, Tribe Capital has deployed 2.6% of its capital to invest in FTX.

Proof Group Capital Management, on the other hand, recently formed the Fahrenheit Alliance with Arrington Capital and US Data Mining Group, Inc., successfully acquiring a stake in the crypto lending institution Celsius.

Celsius's new company: Appoints former Algorand CEO as leader, creditors expected to recover over 60% of funds

Although Cofsky mentioned a decision would be made by mid-December, according to FTX's disclosed timeline, the restart plan will require further discussions and revisions, with the estimated restart time falling in the second quarter of 2024.

Update on 11/9, the latest news from The Wall Street Journal: The bidding list includes Proof Group, Figure, and Bullish, not Tribe Capital.