Tribe Capital, co-founded in 2018, has reportedly proposed a $250 million initiative to revive the bankrupt crypto exchange FTX.
Arjun Sethi, Tribe’s co-founder, met with FTX’s committee of unsecured creditors in January 2023 to discuss the proposal, which has already secured $100 million in support from the parent company and its investors.
FTX’s creditor committee has stated that they are in the process of evaluating all options to “reboot or sell the exchange and create value for creditors,” and have asked any parties interested in buying or sponsoring an FTX reboot to contact debtors and the committee.
At the start of 2023, current CEO of the platform, John Ray, announced the potential for a restart of the bankrupt FTX exchange. A specially created working group is determining if the reboot would bring more value to users compared to liquidating its assets.
