TL; DR
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Someone wants to buy back FTX and relaunch it.
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The platform had/has 9 million users. That’s enough to maintain a very healthy trading business.
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BUT, reviving a brand associated with one of the biggest financial frauds of all time, just over a year after it all went down in flames? Don Draper in his prime couldn’t help you there.
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A decision will be made in mid-December as part of plans submitted to the Delaware bankruptcy court for approval.
Full story
What could be crazier than SBF testifying in his own trial?
Try this: someone wants to buy back FTX and relaunch it.
Okay, so the first question is, “Why?”
Let’s keep it positive and start with the positives (yes, they exist!):
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FTX managed to scrape together a cool $7.3 billion after its collapse, which isn’t a small chunk of change (even if they still owe $9 billion to their customers).
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The platform had/has 9 million users. That’s enough to maintain a very healthy trading business.
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FTX as a trading platform was/is state-of-the-art.
As for the cons…
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Revitalizing a brand associated with one of the biggest financial frauds of all time, just over a year after it all went down in flames?
Don Draper in his prime couldn’t help you there.
There’s probably a laundry list of other downsides, but if the new buyers can’t restore customer confidence, there’s no point in talking about them.
Is this really going to happen soon?
Yeah, sort of.
A decision will be made at least by mid-December as part of plans submitted to the Delaware bankruptcy court for approval.
Then we’ll see if we’re finally done with all this FTX drama or if we’re going for another ride.