According to The Block: Crypto exchange Bullish has emerged as one of the bidders for the failed trading platform FTX, which filed for bankruptcy protection in November. Tribe Capital, whose venture portfolio included FTX before its bankruptcy, has also placed a bid. The estate overseeing FTX's assets set a deadline for new bids on September 24, having contacted 75 bidders.
Bullish sees value in FTX's customer base, hoping to convert as many users as possible to the Bullish platform, according to an individual familiar with the conversations. The process of negotiation is slow-moving and might break down. FTX's assets, worth around $7 billion, include approximately $1.2 billion in SOL tokens. The firm's former CEO, Sam Bankman-Fried, is currently awaiting trial on various charges, including allegations of misusing customer assets for failed investments.
