Former NYSE President Wants To Relaunch Bankrupt Crypto Exchange FTX

It has been just revealed that the former NYSE president wants to relaunch the bankrupt FTX. Check out the latest reports about the matter below.

According to a recent report by The Wall Street Journal, Tom Farley, the former president of the New York Stock Exchange (NYSE), is reportedly making an attempt to relaunch the defunct cryptocurrency exchange platform, FTX.

Farley’s company, Bullish, which is a technology firm focusing on developing financial services for the crypto industry, is placing bids along with two other companies to purchase the remnants of the collapsed exchange.

The report further notes that there were initially 70 different companies interested in buying FTX, but it has now been narrowed down to just three firms, and a winner will be determined in December.

According to the report, there is no guarantee that a buyer will be found for FTX, and a new interested party could emerge at any moment.

It is important to note that the assets of FTX located in the Bahamas are not part of the current sales process.

Two other groups have expressed their interest in purchasing FTX: fintech startup Figure Technologies, and venture capital firm Proof Group.

FTX, one of the world’s largest crypto exchanges, went bankrupt in November 2022.

The founder, Sam Bankman-Fried, was found guilty of defrauding investors, mismanaging billions of dollars worth of customer funds, and conspiring to commit money laundering. Currently, he awaits sentencing and could face a maximum of 110 years in prison.

After a quick trial, Sam Bankman-Fried has been found guilty of committing fraud of over a billion dollars against FTX and Alameda Research.

The jury found him guilty on all seven charges, including wire fraud, securities fraud, and money laundering.

The trial lasted only four hours, and Bankman-Fried was taken into custody after his cryptocurrency empire collapsed in December.