The Crypto Roundup: 25 October 2023 | CryptoCompare.com

Collapsed cryptocurrency exchange FTX is considering proposals from three bidders to restart its once-large cryptocurrency trading operations. The company is set to make a decision on how to proceed by mid-December.

FTX’s investment banker Kevin M. Cofsky, from Perella Weinberg Partners, noted that the firm is negotiating potentially binding offers with investors. Options to revive the exchange include selling the entire business, including its list of more than 9 million customers, or bringing in a partner to help restart the exchange.

The alternative for FTX is to try and restart the trading platform by itself. Cofsky noted that the firm is “engaging with multiple parties every day,” but did not disclose the names of the bidders.

FTX has been working to raise funds to pay back its creditors since it went bankrupt. According to court documents, FTX’s administrators have recovered about $7 billion in assets so far, including $3.4 billion of crypto, according to court documents.

The firm and its primary creditors have reached a tentative agreement on major disputes, paving the way for a detailed payout plan to be filed in December, according to company attorney Andrew Dietderich.

In bankruptcy cases, these plans usually provide creditors with an estimated recovery percentage, but what exactly FTX’s customers will receive is uncertain and will rely on its potential revival or sale.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/oct/25/