Tribe Capital, an early-stage venture capital firm which backed the now-bankrupt FTX, is interested in the exchange's potential reboot, Bloomberg has learned, citing people familiar with the matter.
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According to Bloomberg's sources, Tribe Co-Founder, Arjun Sethi, discussed with FTX's committee of unsecured creditors the informal proposal in January 2023. One of the sources claim the firm is weighing on supporting a $250 million fund-raising campaign for FTX.
Tribe was a venture investor not only in FTX, but also its American entity called FTX US. However, the size of Tribe's investments in FTX remains unclear.
FTX filed for Chapter 11 bankruptcy protection in the US last year. According to court documents, the now-bankrupt trading platform owes its users around $10 billion and has over 1 million creditors.
In March 2023, the FTX debtors revealed that the collapsed exchange prior to filing for bankruptcy protection had sent a total of $3.2 billion to former top managers, including Sam Bankman-Fried, Nishad Singh, Zixiao "Gary" Wang and Carolina Ellison.
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