Investment firm involved in Celsius acquisition reportedly eyeing FTX Investment firm involved in Celsius acquisition reportedly eyeing FTX
Proof Group is part of the Fahrenheit consortium that acquired the collapsed crypto lender, Celsius Network.
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Updated: Nov. 7, 2023 at 11:54 am UTC
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Proof Group, part of the Fahrenheit consortium that acquired bankrupt Celsius Network, has shown interest in the potential relaunch of FTX, Bloomberg reported, citing people familiar with the matter.
The investment firm is reportedly exploring potential partnerships with other entities to secure the acquisition of FTX.
Proof Group is a prominent Silicon Valley company that has previously invested in various blockchain and crypto ventures, including Aptos Labs, Farcaster, ThorSwap, Sui, and others.
The company’s website says it is focused on “backing the next generation of founders building disruptive financial technology.”
Meanwhile, these developments follow earlier statements regarding the possible revival of the defunct FTX exchange. In October, Kevin M. Cofsky, an investment banker representing the exchange, informed the bankruptcy court that FTX was actively engaged with three interested bidders regarding a potential acquisition.
Cofsky also mentioned that the exchange considered other options, such as relaunching independently or forming partnerships with other interested parties. A final decision on the future of FTX is expected by December.
The exchange has been involved in different processes to make its customers and investors whole since its bankruptcy almost a year ago. As of September, the exchange has recovered approximately $7 billion worth of assets, including cash holdings and crypto.
Additionally, the bankrupt firm has initiated the transfer of some of its crypto assets to exchanges, including Binance and Coinbase, and is requesting approval to divest its Trust assets with BitWise and Grayscale.
Meanwhile, these developments are juxtaposed with the recent conviction of the exchange’s former CEO, Sam Bankman-Fried.
Following a verdict by a U.S. jury, SBF was found guilty of seven fraud-related charges. He is scheduled to be sentenced on March 28, 2024, potentially facing a prison term exceeding 100 years.
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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.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
