Former NYSE President's Company Competes to Purchase Bankrupt Crypto Exchange FTX

According to a report by The Wall Street Journal, former New York Stock Exchange (NYSE) president Tom Farley is making efforts to revive the bankrupt crypto exchange platform FTX. Farley's company, Bullish, a technology firm focused on developing financial services for the crypto industry, is participating in an auction to purchase the remnants of FTX.

Competition for FTX

Originally, there were 70 companies interested in buying FTX, but the number has now been narrowed down to three firms, including Bullish. The winner of the auction is expected to be determined by December. However, it is important to note that a new suitor could emerge at any time, and FTX's assets in the Bahamas are not part of the sales process.

Other Interested Parties

Apart from Bullish, two other groups are vying to purchase FTX. These include fintech startup Figure Technologies and venture capital firm Proof Group.

Background on FTX

FTX was one of the largest crypto exchanges in the world before it went bankrupt in November 2022. Its founder, Sam Bankman-Fried, has recently been convicted of defrauding investors, mishandling customer funds, and conspiracy to commit money laundering. He is currently awaiting sentencing and could face a maximum of 110 years in prison.

Conclusion

Former NYSE president Tom Farley's company, Bullish, is among the three firms competing to purchase the remnants of bankrupt crypto exchange FTX. The winner of the auction will be determined by December, but there is a possibility of a new suitor emerging. FTX's assets in the Bahamas are not part of the sales process. Other interested parties include fintech startup Figure Technologies and venture capital firm Proof Group. FTX, once a major player in the crypto exchange market, collapsed in November 2022, and its founder, Sam Bankman-Fried, is facing serious legal consequences for his actions.