Really? Someone Wants to Buy Back FTX?

TL;DR

• Someone wants to buy back FTX and relaunch it.

• The platform had/has 9 million users. That’s enough to sustain a very healthy trading business.

• BUT, reviving a brand associated with one of the largest financial frauds of all time, just over a year after it all went up in flames? Don Draper in his prime couldn’t help you there.

• A decision will be made by mid-December as part of plans to be submitted to the Delaware bankruptcy court for approval.

Full Story

What’s crazier than SBF testifying in his own trial?

Try this: someone wants to buy back FTX and relaunch it.

Ok, so the first question is: “Why?”

Let’s keep things positive and start with the pros (yeah, they exist!):

• FTX has managed to scrape together a cool $7.3B after going under, which is no small chunk of change (even if they still owe $9B to their customers).

• The platform had/has 9 million users. That’s enough to sustain a very healthy trading business.

• FTX as a trading platform was/is state of the art.

As for the cons…

• Reviving a brand associated with one of the largest financial frauds of all time, just over a year after it all went up in flames?

  Don Draper in his prime couldn’t help you there.

There’re probably a laundry list of other cons, but if the new buyers can’t rebuild trust with customers, there’s no point talking about them.

So, is this actually going to happen any time soon?

Yeah, kinda.

At least, a decision will be made by mid-December as part of plans to be submitted to the Delaware bankruptcy court for approval.

Then we’ll see if we’re finally done with all of this FTX drama or if we’re in for another ride.