FTX is considering 3 bids to restart the crypto exchange, report says

• FTX is considering proposals from three bidders to relaunch the crypto exchange, Bloomberg reported.
• An investment banker working with the company said it will make a decision by mid-December.

FTX, which dramatically imploded last November, is considering three bids to restart the crypto exchange, Bloomberg reported.

Kevin Cofsky, an investment banker working with FTX, said in a Delaware court hearing that the company will make a decision about how to proceed by mid-December, per Bloomberg.

He didn't disclose the names of any bidders, but said FTX is "engaging with multiple parties every day," according to the outlet.

Bloomberg reported that Cofsky told the judge that the options include selling the entire exchange, bringing in a partner to help restart it, or that FTX could relaunch the exchange itself.

This isn't the first time that FTX has spoken about restarting what was once one of the world's largest crypto exchanges, although the plans now appear more tangible.

John Ray III, the FTX CEO who took over to handle the bankruptcy process, first floated the idea in January — and speculation of FTX's restart saw its native crypto token jump 32%.

And in April, an FTX bankruptcy lawyer said the company could be relaunched as soon as the second quarter of 2024, CoinTelegraph reported. The legal team added that the crypto exchange had so far recovered $7.3 billion.

The FTX Debtors did not immediately respond to Insider's request for comment, sent outside US working hours.

Selling or relaunching FTX could be key to reimbursing customers who lost money after it shut down last year.

Its cofounder, Sam Bankman-Fried, has been on trial since October 3 for seven charges including wire fraud and conspiracy to commit money laundering. He has pleaded not guilty.

His fellow cofounder, Nishad Singh, as well as other top executives Caroline Ellison and Gary Wang, have pleaded guilty to conspiracy and fraud charges, and testified that they conspired with Bankman-Fried to siphon money from FTX customers.