Bloomberg says Tribe Capital could provide financial backing for FTX’s reopening plans April 18th.
The report said Tribe co-founder Arjun Sethi met with FTX’s unsecured creditors’ committee in January to discuss a possible reopening plan.
The plan is currently an unofficial proposal, but Tribe may contribute $100 million to the plan’s ongoing $250 million fundraising campaign. The plan will apply to his 9 million customer accounts and bring back many of FTX’s international exchanges.
Tribe Capital invested in both FTX and FTX.US prior to bankruptcy.
FTX discussed the possibility of a broader reopening at its bankruptcy hearing on April 12. Management has yet to determine whether such a reopening is actually viable, but the discovery of the missing funding has prompted the company to explore the possibility.
FTX and its affiliates went bankrupt and filed for bankruptcy in November 2022. Bankruptcy proceedings are still ongoing and clients are awaiting access to funds.
The post-FTX restart could be funded by Tribe Capital, which first appeared on CryptoSlate.
