- FTX could be all set to get its foot back in the crypto market as venture capital firms show interest in the exchange
- Tribe Capital plans on launching a fundraising event for the revival of FTX
FTX – the bankrupt crypto exchange – could make a possible comeback with a venture capital firm showing an interest in the reboot. In the previous hearing, FTX attorney – Andy Dietderich – stated that the firm was holding talks with stakeholders about restarting the crypto exchange.
However, for this to be possible, the company needs a significant amount of money. Additionally, this could be drawn either from outside investment or from selling assets.
Is your portfolio green? Check out the FTX Profit Calculator
FTX’s restart plans could become a reality
According to a report by Bloomberg Law, Tribe Capital – co-founded by Arjun Sethimet – is considering injecting new capital into the crypto exchange for its revival. The co-founder even held discussions with FTX’s committee of unsecured creditors about the informal proposal.
Notably, Tribe Capital’s ties to FTX did not begin after it went bankrupt. The San Fransisco-based company had invested in the defunct crypto exchange before it went under. Moreover, the company has invested in other crypto-centric firms, including Kraken and Binance US.
Tribe Capital plans on launching a fundraising event for FTX’s revival, with the aim of raising $250 million. The venture capital will also be pouring in some of its own money along with roping in its limited partners. The extent of this investment was reported to be $100 million. The amount of capital required for the reboot of FTX is yet to determined.
Furthermore, the Official Committee of Unsecured Creditors of FTX released a statement on the above report. In a Twitter thread, the committee stated that it was “working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors.”
Additionally, the committee also stated that there was no definitive timeframe for the reboot or sale of the exchange at the moment. And, encouraged interested investors and buyers to contact the debtors and the committee.
FTX celebrity promoter served
Subsequently, another individual involved with the bankrupt crypto exchange recently made headlines. Popular former NBA player – Shaquille O’Neal aka Shaq – was recently served for his endorsement of FTX. The former player was served outside of his Atlanta home after months of hiding from lawyers. In an update on Twitter, The Moskowitz Law Firm said,
“Plaintiffs in the billion $ FTX class action case just served @SHAQ outside his house. His home video cameras recorded our service and we made it very clear that he is not to destroy or erase any of these security tapes, because they must be preserved for our lawsuit.”