Tribe Capital is considering restarting the failed crypto exchange FTX.

According to reports, the venture capital firm is considering leading a fundraising push to gather $250 million to resurrect FTX.

According to Bloomberg, Tribe Capital, a San Francisco-based venture capital firm that previously invested in FTX before its demise, is considering pouring new funds into the insolvent cryptocurrency exchange.

According to reports, the venture capital company is considering leading a $250 million fundraising drive, with $100 million coming from itself and its limited partners. Sources familiar with the case tell Bloomberg that Tribe co-founder Arjun Sethi met with FTX’s Committee of Unsecured Creditors in January to discuss the informal proposal. 

According to Bloomberg, Tribe’s January plan featured an estimated 9 million client accounts, FTX US, FTX Australia, FTX Japan, FTX EU, FTX International, and LedgerX, but excluded a venture capital portfolio and crypto assets, among other things. If the reboot strategy is successful, the revived exchange will continue to be known as FTX.

On April 18, the Official Committee of FTX Unsecured Creditors took to Twitter to confirm that the Committee is working with the Debtors to assess all alternatives for restarting or selling the FTX exchanges in order to produce value for creditors. However, the committee stated, At this time, there is no definitive timetable for a reboot or sale of the exchanges.

In January, the judge overseeing the FTX bankruptcy proceedings granted the ailing crypto exchange permission to sell part of its assets in order to satisfy its creditors. According to a petition in Delaware Bankruptcy Court, Judge John Dorsey approved the sale of four core FTX units: the derivatives platform LedgerX, the stock trading platform Embed, and the exchange’s regional arms, FTX Japan and FTX Europe.

At a hearing in the United States Bankruptcy Court for the District of Delaware on April 12, attorneys from Sullivan & Cromwell representing FTX indicated that the exchange had recovered about $7.3 billion in liquid assets.

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