The collapse of FTX, once the world’s largest cryptocurrency exchange, continues to reverberate across the digital asset industry. With the recent conviction of its founder, Sam Bankman-Fried, on all seven charges including fraud and money laundering, the long-overdue process of resolving the exchange’s bankruptcy has entered a decisive phase. As the dust settles, three final bidders have emerged in the race to acquire and potentially resurrect the fallen giant — marking a pivotal moment for the future of crypto exchange recovery and investor trust.
The Final Three: A High-Stakes Contest for FTX’s Future
After months of speculation and over 70 initial expressions of interest, the pool of potential buyers for FTX has narrowed down to three prominent contenders:
- Proof Group, a crypto-focused venture capital firm
- Figure Technologies, a blockchain-powered financial services company
- Bullish, a cryptocurrency exchange led by former New York Stock Exchange (NYSE) president Tom Farley
These finalists represent a mix of institutional credibility, blockchain innovation, and strategic ambition — all essential qualities for rehabilitating a brand tainted by one of the most notorious scandals in crypto history.
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Notably, assets such as FTX’s luxury properties in the Bahamas are excluded from the sale, focusing the transaction strictly on operational and technological infrastructure. The final decision is expected by December, with the winning bidder tasked with relaunching the platform as early as next year, pending court approval and regulatory compliance.
Behind the Bidders: Track Records and Strategic Visions
Proof Group: Proven Experience in Crypto Restructuring
Proof Group isn’t new to high-profile crypto bankruptcies. It played a key role in the successful acquisition of Celsius Network through the Fahrenheit consortium, demonstrating its capability in navigating complex insolvency cases. This experience positions Proof as a strong candidate capable of managing FTX’s tangled web of debts, legal obligations, and user claims.
Their involvement signals growing confidence among institutional investors that well-managed restructuring can restore value — even in seemingly irreparable ecosystems.
Figure Technologies: Bridging Blockchain and Real-World Finance
Figure Technologies leverages blockchain to streamline lending, payments, and asset tokenization. Though it lost out in the Celsius auction, its persistence in pursuing distressed crypto assets reflects a long-term belief in blockchain’s transformative power.
If selected, Figure could integrate FTX’s user base and trading engine into a broader decentralized finance (DeFi) ecosystem, potentially bridging traditional finance with next-generation digital markets.
Bullish Exchange: Institutional Leadership Meets Crypto Ambition
Led by Tom Farley, former president of the NYSE, Bullish brings Wall Street pedigree to the crypto arena. Founded in 2021 as an independent entity under Block.one — the team behind the EOSIO blockchain — Bullish was designed from the ground up to offer institutional-grade security and transparency.
Farley’s journey with Bullish began in 2021 when his SPAC, Far Peak Acquisition Corp., announced a reverse merger that valued Bullish at $9 billion. Although market downturns led to the deal’s cancellation in late 2022, Farley remained committed and officially became CEO in May 2023.
With major backing from Peter Thiel’s Founders Fund, Alan Howard, Li Ka-shing, and Nomura, Bullish already operates a regulated exchange with deep liquidity and advanced trading tools — making it a natural fit to absorb FTX’s operations.
Will the FTX Brand Survive?
Despite the excitement around revival efforts, there's growing consensus that the FTX name may not return.
The brand carries significant reputational damage following revelations that customer funds were misappropriated for real estate purchases, political donations, and speculative investments. Analysts suggest that professional traders and institutional clients may hesitate to engage with any platform bearing the FTX moniker.
Some bidders are reportedly considering launching under a new identity altogether — preserving valuable infrastructure while distancing themselves from past misconduct. This rebranding strategy aligns with broader trends in post-bankruptcy recovery, where trust must be rebuilt from scratch.
Customer Recovery: Tokens, Shares, or Cash?
One of the most pressing questions for former FTX users is: Will they get their money back — and in what form?
Insiders indicate that successful bidders may compensate affected customers through equity stakes or native tokens in the restructured exchange. Such models have precedent: after the Voyager Digital bankruptcy, users received both cash payouts and tokens in the revived platform.
While full restitution remains unlikely, partial recovery via tokenized ownership could empower users to benefit from future growth — turning victims into stakeholders.
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Frequently Asked Questions (FAQ)
Q: Is FTX coming back in 2025?
A: While no official relaunch date has been confirmed, the winning bidder is expected to be announced by December 2025, with operations potentially resuming shortly after court approvals.
Q: Who is Tom Farley and why is he significant in this bid?
A: Tom Farley is the former president of the New York Stock Exchange and current CEO of Bullish. His leadership brings traditional financial expertise to crypto, increasing confidence in responsible exchange management.
Q: Will FTX users get their funds back?
A: Full refunds are unlikely, but customers may receive compensation through shares or tokens in the new entity, allowing them to participate in future profits.
Q: Why might the FTX name be retired?
A: Due to widespread fraud associated with Sam Bankman-Fried, the FTX brand suffers severe reputational harm. Rebranding helps rebuild trust with investors and regulators.
Q: What happened to FTX’s customer funds?
A: Billions in client assets went missing due to misuse by executives. Investigations continue, but recovery efforts remain incomplete.
Q: Can crypto exchanges recover from bankruptcy?
A: Yes — examples like Voyager Digital and Celsius show that with proper restructuring and credible leadership, platforms can emerge stronger and more transparent.
Final Outlook: A New Chapter for Digital Asset Trust
The battle to revive FTX is more than a corporate acquisition — it's a test of whether damaged crypto ecosystems can be ethically restored. With seasoned players like Proof Group, Figure Technologies, and Bullish at the table, there’s cautious optimism that lessons have been learned.
Transparency, regulation, and user-centric design will define the next generation of exchanges. Whether under a new name or restructured brand, the legacy of FTX may ultimately serve as a catalyst for greater accountability across the industry.
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As decisions loom in late 2025, all eyes will be on how this landmark case reshapes the future of cryptocurrency governance — and who will lead the charge toward redemption.