Bankman-Fried's former crypto exchange outlines plan for potential reboot

economictimes.indiatimes.com:

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.

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 presentation filed in a Delaware court.
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 September 24.

FTX was one of the world's largest digital-asset trading platforms prior to its bankruptcy in November. 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. 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. Bankman-Fried has pleaded not guilty to all the counts against him.

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The FTX estate's bidding process is considering varying potential structures for a potential «FTX 2.0», it said. Any eventual deal could see it negotiate «an acquisition, merger, recapitalisation or other transaction to relaunch the FTX.com and/or FTX US exchanges,» according to the filing.

A stalking-horse bid, referring to the baseline offer that any