According to Bloomberg, Tribe Capital, a San Francisco-based venture capital firm that previously invested in FTX, is considering leading a fundraising campaign to revive the bankrupt cryptocurrency exchange. The plan reportedly involves raising $250 million, with Tribe and its limited partners contributing $100 million. In January, Tribe co-founder Arjun Sethi allegedly met with FTX’s Committee of Unsecured Creditors to discuss the informal proposal, which excluded a venture capital portfolio and crypto assets, among other things.
The estimated 9 million customer accounts were part of the plan, which encompassed FTX US, FTX Australia, FTX Japan, FTX EU, FTX International, and LedgerX. If successful, the revived exchange will keep the name FTX. On April 18, the Official Committee of Unsecured Creditors of FTX confirmed on Twitter that it was working with the Debtors to evaluate all options to reboot or sell the FTX exchanges and create value for creditors. The exchange had recently recovered around $7.3 billion in liquid assets.