FTX relaunch could be funded by Tribe Capital

Tribe Capital could provide financial support for FTX’s reopening plans, Bloomberg reported April 18th.

That report says that Tribe co-founder Arjun Sethi met with FTX’s committee of unsecured creditors in January to discuss a possible reopening plan.

Although the plan is currently an informal proposal, the Tribe could contribute $100 million toward a $250 million fundraising campaign that advances the plan. The plan would apply to 9 million customer accounts and would reactivate many of FTX’s international exchanges.

Tribe Capital previously invested in both FTX and FTX.US before they collapsed.

FTX discussed broader reopening possibilities during a April 12th bankruptcy hearing. Although executives have yet to decide whether such a reopening is truly viable, the discovery of missing funds has prompted the company to explore the possibility.

FTX and its associated companies collapsed and filed for bankruptcy in November 2022. Bankruptcy proceedings are still ongoing and clients await access to funds.

The charge FTX relaunch could be funded by Tribe Capital first appeared in CryptoSlate.

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