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’s been largely subdued since the platform’s collapse.
FTX was one of the world’s largest digital-asset trading platforms prior to its bankruptcy in November. FTX’s 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.The FTX estate’s bidding process is considering varying potential structures for a potential “FTX 2.0”, it said.
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.A timeline for a potential reboot of FTX 2.0 as detailed in the exchange’s bankruptcy plan on 11 September 2023.