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The famous cryptocurrency exchange, FTX, which filed for bankruptcy last year, continues to face uncertainty. As the trial against Sam Bankman-Fried continues, attention is once again focused on the future of the platform. The company has experienced significant financial gains as a result of the efforts of its legal team, sparking discussions within the crypto community about the possibility of FTX making a comeback.
Potential Partnerships on the Table
According to Bloomberg, during a court hearing in Wilmington, Delaware, Kevin Cofsky, an investment banker from Perella Weinberg Partners, announced that a decision regarding the company’s future direction will be made by mid-December. Additionally, FTX officials are actively engaging in discussions with various investors regarding potential collaborations.
Various possibilities are being considered, ranging from the sale of the entire cryptocurrency exchange, which boasts a customer base of over nine million, to forming a partnership with another organization that could restore the platform to its former glory. Cofsky suggested the possibility of independently revitalizing FTX’s trading platform. However, the identities of potential bidders remain confidential.
All Eyes on FTX in December
After the declaration of bankruptcy last year, FTX attempted to generate funds for repayment to its creditors. According to court documents, FTX executives successfully reclaimed approximately $7 billion, including $3.4 billion in cryptocurrency assets.
In addition to these developments, Andrew Dietderich, the company’s attorney, revealed that some complex issues with key creditor groups have been preliminarily resolved during the court process. This development allows FTX to progress with a comprehensive payment plan until December. However, the exact percentage of customer recovery remains uncertain and largely depends on whether the exchange is sold or reopened.
FTX’s founder and former CEO, Bankman-Fried, is currently facing a criminal trial in New York, accused of redirecting FTX customer funds to a separate entity under his control. Reports suggest that these funds were used to finance high-risk trading, political donations during the election season, and the purchase of luxury properties.
