{"id":507600,"date":"2023-09-12T07:57:57","date_gmt":"2023-09-12T05:57:57","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=507600"},"modified":"2023-09-12T17:25:44","modified_gmt":"2023-09-12T15:25:44","slug":"ftx-reboot-plan-in-the-works","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/507600-ftx-reboot-plan-in-the-works.html","title":{"rendered":"FTX reboot plan in the works"},"content":{"rendered":"

A plan to reboot a new version of the defunct crypto exchange FTX Group may emerge as soon as next year, potentially injecting a jolt of activity back into a market that\u2019s been largely subdued since the platform\u2019s collapse.<\/p>\n

More than 75 bidders have been contacted by the FTX estate since May to gauge industry interest in backing a relaunch of the exchange, according to a\u00a0presentation<\/a><\/strong>\u00a0filed in a Delaware court.<\/p>\n

Several parties have submitted bids that are now undergoing due diligence and information sharing, managers of the estate said, with a deadline for any new bids set for 24 September.<\/p>\n

FTX was one of the world\u2019s largest digital-asset trading platforms prior to its bankruptcy in November.<\/p>\n

It was a key part of the crypto empire controlled by its now-jailed chief executive Sam Bankman-Fried, who is set to stand trial on fraud and other charges next month.<\/p>\n

FTX\u2019s failure, along with sister platforms FTX.US and Alameda Research, triggered an industry-wide fallout that left billions of dollars in assets locked up in customer claims.<\/p>\n

Bankman-Fried has pleaded not guilty to all the counts against him.<\/p>\n

The FTX estate\u2019s bidding process is considering varying potential structures for a potential \u201cFTX 2.0\u201d, it said.<\/p>\n

Any eventual deal could see it negotiate \u201can acquisition, merger, recapitalisation or other transaction to relaunch the FTX.com and\/or FTX US exchanges,\u201d according to the filing.<\/p>\n

<\/figure>\n

A stalking-horse bid, referring to the baseline offer that any subsequent bidders must improve upon, is to be selected by 16 October with an amended plan filed by year-end.<\/p>\n

Confirmation of the target plan is expected in the second quarter of 2024, the filing said.<\/p>\n

\"\"

A timeline for a potential reboot of FTX 2.0 as detailed in the exchange\u2019s bankruptcy plan on 11 September 2023.<\/p><\/div>\n

A total of $16 billion in customer claims against FTX and its varying companies were filed as of 24 August, with nearly $11 billion in claims scheduled by the estate against the FTX.com and FTX.US exchanges.<\/p>\n

Meanwhile, the estate has recovered around $7 billion in assets across FTX\u2019s web of accounts and global entities, the filing said, including $3.4 billion denominated in cryptocurrencies.<\/p>\n

The company\u2019s network of 38 properties spread across the Bahamas, once FTX\u2019s home base, has been assigned a book value of $222 million.<\/p>\n

The portfolio includes a $151 million compound of condo units and a penthouse inside Albany Marina.<\/p>\n

\"\"

A map displaying the network of Bahamian properties owned by defunct crypto exchange FTX.<\/p><\/div>\n

\n

Now read: Liquidators of South Africa\u2019s biggest pyramid scheme in history strike deal with US over R33-billion claim<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"

More than 75 bidders have been contacted by the FTX estate since May to gauge industry interest in backing a relaunch of the exchange.<\/p>\n","protected":false},"author":341034,"featured_media":481031,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[79850,83453,48303,76264,89298,76268],"class_list":["post-507600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-alameda-research","tag-bahamas","tag-cryptocurrency-exchanges","tag-ftx","tag-ftx-us","tag-sam-bankman-fried-sbf"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/507600"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=507600"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/507600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/481031"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=507600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=507600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=507600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}