FTX's Investor Tribe Capital Pushes for Exchange Reboot: Report
Main page News, Cryptocurrency Exchanges, FTX

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.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

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.

Troubled FTX Recovers $7.3B, Thinks About Relaunching Services

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error