Ex-NYSE President Takes Bold Step to Revive Bankrupt Crypto Exchange FTX, Reports Say
The former president of the New York Stock Exchange (NYSE). Tom Farley, is actively engaged in efforts to resurrect the bankrupt crypto exchange platform FTX.
Farley’s technology firm, Bullish, specializing in financial services for the crypto industry, is participating in an auction alongside two other companies to acquire the remnants of FTX. As reported by The Wall Street Journal. Initially, 70 companies expressed interest, but the contenders have now narrowed down to three firms, with a winner expected to emerge in December, although no guarantees exist. Leaving room for new suitors. Notably, FTX’s assets in the Bahamas are excluded from the sales process.
The other contenders in the bid are fintech startup Figure Technologies and venture capital firm Proof Group. FTX, once among the world’s largest crypto exchanges, faced downfall in November 2022. Following which its founder, Sam Bankman-Fried, was convicted of various charges and awaits sentencing. Potentially facing up to 110 years in prison.
Clever Robot News Desk 9th November 2023
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