FTX continues its efforts to revive the international cryptocurrency exchange.
However, the company's reputation continues to take a hit as new executives shine a spotlight on how nearly $9 billion in client funds were stolen before the company's collapse last year.
Chief Executive Officer John J. Ray III, who took over when he filed for bankruptcy in November, said the company has “started the process of inviting interested parties for the relaunch of the FTX.com exchange.”
People close to the talks said the failed crypto firm had early talks with investors through structures, including a joint venture to support the potential reboot of the FTX.com exchange.
These sources said that FTX will likely rebrand as part of any reboot. The sources said the talks included a possible compensation to some existing customers, possibly by offering shares in the reorganized entity.
Sources close to the matter have indicated that blockchain tech company Figure is interested in helping FTX reboot. Figure was part of an investment group that bid for the right to restart Celsius Network, another bankrupt crypto business, but lost that right to a consortium backed by Fortress Investment Group.
People close to the matter said other interested parties wishing to fund or participate in the FTX reboot should submit their initial statements of interest to the company and its advisors this week.
*Not investment advice.