FTX Auctioned, This Is A Company That Will Buy Sam Bankman-Fried's Company!

The FTX crypto exchange will be revived as part of an effort to restore its name. (Photo; Doc. Sina Finance)

JAKARTA - The crypto exchange platform FTX, which went bankrupt last year, may soon resume operations after a major scandal involving its founder, Sam Bankman-Fried.

One of the companies trying to take over FTX's digital assets is a technology company called Bullish. The company was founded by the former president of the New York Stock Exchange (NYSE), Tom Farley.

According to a report by The Wall Street Journal, Bullish is one of three companies participating in the auction and bidding to buy FTX, once one of the largest crypto exchanges in the world. Two other companies competing with Bullish are Figure Technologies, a fintech startup, and Proof Group, a venture capital firm.

The report cites an anonymous source who said that initially there were 70 companies interested in buying FTX, but now only three companies remain. The auction winners will be determined around December, but there are no guarantees and there could be new applicants appearing. The report also adds that FTX assets in the Bahamas are not included in the sales process.

Bullish is a company focused on developing financial services for the crypto industry, such as trading platforms, digital wallets, and investment products. The company was founded by Farley, who served as president of NYSE from 2014 to 2018. Farley was also one of the early investors in FTX, before the crypto exchange collapsed.

FTX went bankrupt in November 2022, after its founder, Sam Bankman-Fried, was revealed to have committed various crimes, such as defrauding investors, abusing billions of dollars in customer funds, and conspiring to launder money. Currently, Bankman-Fried is waiting for his sentence and can face a maximum sentence of 110 years in prison.

If Bullish manages to buy FTX, then this will be a big step for the company to expand its business in the crypto market. It will also provide an opportunity for FTX to bounce back from adversity and restore its reputation in the public eye.