FTX reboot with Tribe Capital may be in the works: Bloomberg Cryptocurrencies
In January, Tribe co-founder Arjun Sethi met with the committee representing FTX’s unsecured creditors “to discuss the informal proposal, according to people familiar with the matter” who are involved in the talks but asked not to be identified. The January proposal was for “an estimated 9 million customer accounts, FTX US, FTX Australia, FTX Japan, FTX EU, FTX International and LedgerX,” but did not include the exchange’s venture capital portfolio or crypto assets.
It’s not clear which brands and subsidiaries would be included in Tribe’s new proposal, as the judge presiding over the bankruptcy approved FTX’s request to auction off four of the solvent companies in the FTX group by the end of March 2023.
Shortly after the story broke, FTX’s committee of unsecured creditors posted a series of tweets addressing the possible reboot. “The Committee is working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors,” they wrote. “There is no definitive timetable for a reboot or sale of the exchanges at this time.”
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