Tribe Capital Interested in Sponsoring FTX’s Revival Plan (Report)

Tribe Capital – a venture capital firm based in San Francisco – is reportedly considering leading a $250 million fundraising campaign that could help the bankrupt crypto exchange FTX get back on track.

  • According to a Bloomberg coverageTribe Capital’s co-founder – Arjun Sethi – met with FTX’s committee of unsecured creditors to discuss the multi-million initiative.

“Tribe is considering leading a $250 million fundraising campaign, anchored by $100 million from itself and its limited partners,” a person familiar with the matter said.

  • FTX’s committee of unsecured creditors admitted it is “working with the debtors to evaluate all options to reboot or sell the FTX exchanges.” However, they said “there’s no definitive timetable” for a revival or sale of the platforms at this time.
  • The native token FTT surged by 20% shortly after the report, tapping nearly $2.30. In the following hours, though, it retraced.
  • The former crypto giant, led by Sam Bankman-Fried, filed for bankruptcy protection in November last year after revealing severe liquidity cracks and failing to honor customer withdrawal requests.
  • The event was among the darkest in the world of crypto for the entire 2022 since FTX was among the leaders in its field and was once valued at over $30 billion.
  • Its demise resulted in catastrophic losses for multiple investors.
  • Attorneys and bankruptcy experts recovered more than $7 billion of assets owed to clients recently and hinted about a possible comeback.

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