Former NYSE President Makes Move To Relaunch Bankrupt Crypto Exchange FTX: Report

The former president of the New York Stock Exchange (NYSE) is reportedly attempting to relaunch bankrupt crypto exchange platform FTX.

According to a new report by The Wall Street Journal, a company run by former NYSE president Tom Farley is joining an auction and placing bids to purchase the remnants of collapsed digital assets exchange FTX.

Farley’s company – a technology firm focused on developing financial services for the crypto industry called Bullish – is joined by two other companies vying to purchase FTX.

WSJ reports that an unnamed banker who advised FTX on the selling process said that originally, there were 70 different companies interested in buying FTX. However, it has now been narrowed down to just three firms and a winner should be determined by sometime in December.

The report also notes that a winner is not guaranteed and that a new suitor could emerge at any time. Furthermore, FTX’s assets in the Bahamas are not part of the sales process.

The other two groups interested in purchasing FTX include fintech startup Figure Technologies and venture capital firm Proof Group.

FTX went under in November 2022, at the time being one of the largest crypto exchanges in the world. Its disgraced founder, Sam Bankman-Fried, was recently convicted of defrauding investors, mishandling billions of dollars worth of customer funds, and conspiracy to commit money laundering.

He’s currently awaiting sentencing and could face a maximum of 110 years behind bars.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Terablete