FTX reactivation getting closer – intensive negotiations with bidders continue


FTX Group’s claim prices have risen significantly as the company enters advanced talks with potential investors to resurrect the closed cryptocurrency exchange.

FTX’s opportunities are growing

On Wednesday, November 8, Cherokee Acquisition, a firm specializing in representing creditors in bankruptcy cases, reported an increase in the value of claims against FTX Group. Their current prices are in the range of 50-53 cents on the dollar, a significant change from the range of 40-45 cents last year.

This situation has attracted the attention of many investors, who have been actively buying and selling FTX claims. Most of these are claims covering various rights, including access to FTX accounts and compensation for abandoned contracts.

With so much activity surrounding the FTX, a return to business for the exchange is becoming increasingly likely. A number of bidders have come to the table, and with them have come a number of options. The parties are considering a potential sale of the entire exchange, partnering with outside parties to revive the platform, or relaunching on their own.

More and more optimism

It is worth noting that in June, FTX’s head of restructuring, John Ray, announced that the company had “begun the process of making contact with interested parties regarding the reactivation of the FTX.com exchange.” In late July, the court also unveiled FTX’s plan, which includes a forward-looking path to restore operations of the frozen exchange, through strategic cooperation with outside investors.

What’s more, the latest court filing shows that FTX has already recovered some $7.3 billion, making it even more optimistic about the potential for a restart.

And would you yourself trust a cryptocurrency exchange that has already collapsed once?

Nevertheless, not everyone in the cryptocurrency industry shares the enthusiasm about the FTX relaunch. Jesse Powell, co-founder of Kraken, recently stated that “FTX 2.0 would be worse than starting from scratch,” due to the lack of a proper team, technology, licensing and a weakened reputation.

“The trustees should simply auction off the domain and trademark, and what’s left is just an attempt to stretch alleged creditors,” – Powell added.

As negotiations continue, FTX creditors are being warned of phishing scams and fake emails suggesting “priority withdrawals.” These illegal activities are aimed at phishing for confidential information under the pretext of accelerating compensation for losses.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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