There may be a turning point in the dramatic story of the cryptocurrency exchange FTX soon. Tom Farley’s Bullish, Figure Technologies, and Proof Group are spearheading the effort to save the once-thriving platform from the verge of collapse as the auction’s last phase gets underway. After a thorough search for interested parties, a shortlist of over 70 candidates was generated, all of which were interested in potentially restarting the troubled exchange.
FTX’s large client base nearly 9 million users remains a valuable asset despite the company’s damaged reputation. Discussions for moving the database to a new platform have been sparked by the recognition of the significance of this user network. In addition to protecting consumer privacy, this action would maximize the value of the current network.
In tandem with these changes, the story of FTX took a dark turn. After being found guilty of misappropriating funds, founder Sam Bankman-Fried could spend up to 110 years in prison. Bankman-Fried’s destiny was sealed and the gravity of his misdeeds revealed by US District Judge Kaplan, who was presiding over the case.
With the auction taking place and Bankman-Fried getting ready for his sentencing in March of next year, the cryptocurrency world finds itself in a precarious position. In an industry trying to strike a balance between innovation and trust, the result will decide the future of a significant exchange and establish a precedent for regulatory monitoring.