In a recent report by FOX Business, it has been revealed that a consortium led by former New York Stock Exchange (NYSE) President Tom Farley is among the potential suitors vying to reboot the now-bankrupt cryptocurrency exchange, FTX.

Prospective buyers, including Bullish, the crypto exchange headed by Farley, fintech startup Figure Technologies, and crypto venture-capital firm Proof Group, are competing to acquire the remnants of FTX as the auction for the collapsed exchange nears its final stages.

Per the report, the successful buyer may have the opportunity to restart the exchange following its planned exit from bankruptcy next year. This possibility has raised hopes that customers could receive shares in the rebooted exchange or new tradable tokens as partial compensation for their outstanding debts, which amount to approximately $9 billion of customer deposits.

However, industry observers caution that relaunching FTX may face challenges in gaining the trust of professional traders due to the exchange’s tainted history of fraud and embezzlement. To address this concern, potential bidders have discussed the possibility of rebranding the revived exchange by dropping the FTX name.

Bullish, backed by notable investors such as Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon, stands as one of the contenders interested in acquiring the crypto company. Under the leadership of Tom Farley, the former NYSE President (2014-2018), Bullish hopes to secure the opportunity. Additionally, Figure Technologies, a startup co-founded by former SoFi CEO Mike Cagney, and Proof Group, part of the consortium that successfully bid for bankrupt crypto lender Celsius, are also in the running to purchase FTX.

It’s worth noting that the sales process for the exchange does not include FTX’s real-estate portfolio in the Bahamas or other assets. The auction winner is expected to be announced in December, with the potential for a relaunched FTX to compensate customers through equity or tradable tokens.

FTX, once ranked as one of the world’s largest crypto exchanges, experienced a sudden collapse in November 2022 after a run on customer funds. The founder of FTX, Sam Bankman-Fried, was subsequently charged with fraud, accused of misappropriating billions of dollars of customer funds for personal investments, luxury real estate, and political donations. Last week, a New York federal jury convicted him on all seven counts, and he is set to be sentenced in March, facing a potential prison term of up to 115 years.

As the crypto industry eagerly awaits the outcome of the exchange auction, the involvement of a former NYSE President and prominent investors underscores the significance of this potential relaunch. Rebuilding trust and credibility among professional traders will be essential for any bidder to succeed in resurrecting FTX.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.