FTX relaunch could be funded by Tribe Capital News ▸ US ▸ FTX ▸ Bankruptcy
FTX relaunch could be funded by Tribe Capital
Tribe invested in FTX and FTX.US before both exchanges collapsed in 2022.
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Updated: Apr. 18, 2023 at 11:09 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tribe Capital could provide financial support for FTX’s reopening plans, Bloomberg reported April 18.
That report says that Tribe co-founder Arjun Sethi met with FTX’s unsecured creditor committee in January to discuss a possible reopening plan.
Though the plan is currently an informal proposal, Tribe could contribute $100 million to a $250 million fundraising campaign the plan advances. The plan would apply to 9 million customer accounts and would revive many of FTX’s international exchanges.
Tribe Capital previously invested in both FTX and FTX.US prior to their collapse.
FTX discussed broader reopening possibilities during an April 12 bankruptcy hearing. Though executives have not yet decided whether such a reopening is actually viable, the discovery of missing funds has prompted the company to explore the possibility.
FTX and its associated firms collapsed and filed for bankruptcy in November 2022. Bankruptcy proceedings are still ongoing, and customers await access to funds.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
