Solomon Samuel 
FTX Trading Ltd., a once-dominant player in the crypto exchange industry, is now carefully considering its post-bankruptcy options.
Kevin M. Cofsky, the company’s investment financier from Perella Weinberg Partners, revealed during a court hearing in Wilmington, Delaware, that the company would determine its next steps by mid-December.
Moreover, discussions are ongoing with multiple investors regarding potentially binding offers. Significant variety exists among the available options.
Options range from selling the entire exchange, including its valuable roster of more than 9 million customers, to partnering with another entity to revitalize the platform.
Kevin M. Cofsky should have contemplated FTX rebooting its trading platform independently. He stated, “We are engaging with multiple parties every day,” but the identities of the bidders remain unknown.
After filing for bankruptcy the previous year, FTX has endeavored to generate funds for the repayment of its creditors. Therefore, according to court documents, FTX administrators have successfully recovered approximately $7 billion in assets.
This amount is comprised of a staggering $3.4 billion in cryptocurrency. Additionally, the company’s attorney, Andrew Dietderich, disclosed in court that some of the most difficult disputes with major creditor groups have reached a provisional resolution.
Therefore, FTX will be able to implement a comprehensive compensation plan in December. However, the precise percentage of customer recoveries is uncertain and will largely depend on the exchange’s sale price or revival.
Sam Bankman-Fried’s resignation as CEO harmed FTX’s trajectory. The resignation occurred after FTX was forced to suspend its trading platform due to financial turmoil.
Bankman-Fried is currently on trial in New York. He is accused of diverting customer funds from FTX to another company he controls.
Before the collapse of both enterprises, these funds allegedly financed high-stakes trades, substantial political donations, and the acquisition of luxury properties.