Battle of the Titans: Bullish, Figure Technologies, and Proof Group Compete for FTX in High-Stakes Bankruptcy Auction

"Bullish Auction Attracts Prominent Bidders Amidst FTX's Bankruptcy and Fraud Conviction Scandal"

Bullish, the cryptocurrency exchange that emerged as a potential buyer for FTX following its bankruptcy and the fraud conviction of co-founder Sam Bankman-Fried, has approached over 75 bidders in its auction process. Among the interested parties are ex-NYSE president Tom Farley, Figure Technologies, and Noah Jessop’s Proof Group. A decision on the buyer is expected to be made by December.

This auction comes at a time when the crypto market is experiencing a significant upswing. The valuation of Bitcoin has surged from nearly $17,000 in January to around $35,000 this month. Centralized exchanges have seen a 53% increase in trading volumes since September, reaching a total of $2.57 trillion in October, which includes both crypto derivatives and spot trading.

FTX, which reached a valuation of $32 billion in January 2022, faced a downfall due to embezzlement by founder Sam Bankman-Fried. This led to the collapse of the company and Bankman-Fried’s subsequent conviction on all fraud charges in November 2022. Approximately $9 billion of customer deposits are still missing.

In December 2022, Bullish, led by former NYSE President Tom Farley, withdrew from a planned $9 billion public merger deal. In early 2023, Figure Technologies, co-founded by ex-SoFi CEO Mike Cagney, attempted to acquire bankrupt crypto lender Celsius but was unsuccessful. On the other hand, Proof Group emerged as the winner in the Celsius auction.

The crypto industry is eagerly awaiting potential approval of a spot Bitcoin ETF, which could lead to another market surge similar to what was witnessed between January and April 2021. During that period, the price of Bitcoin skyrocketed from around $30,000 at the end of January to over $63,000 in April.

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Martin Reid

Martin Reid

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