Former NYSC president, two others vying to buy and revive FTX

Nov. 8, 2023

By Mike Dalton

Efforts to revive FTX are drawing near a close with three possible buyers, according to reports from the Wall Street Journal on Nov. 8.

That report indicates that former New York Stock Exchange (NYSE) president Tom Farley could buy FTX through his crypto exchange, Bullish. The crypto VC firm Proof Group and the fintech startup Figure Technologies are vying to purchase FTX as well.

The Wall Street Journal said that FTX received interest from more than 70 potential buyers but ultimately narrowed the list down to the three candidates above.

The newspaper said that a winning buyer could be chosen in December, adding that the successful buyer could restart FTX’s operations when the company exits bankruptcy in 2024. However, it noted that there is no guarantee that the deal will conclude and said that another possible buyer could emerge before the deal is complete.

An FTX revival may see customers who lost funds in FTX’s collapse compensated, as they could receive shares in the new company or new crypto tokens. The Wall Street Journal reported that about $9 billion of customer deposits are unaccounted for.

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