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

FTX Wants to Clawback VC Funds Invested in Modulo Capital

Reportedly, Tribe Capital, a venture capital firm in San Francisco, is exploring the possibility of leading a $250 million fundraising campaign for the bankrupt cryptocurrency exchange FTX to help it recover.

  • Bloomberg reported that Arjun Sethi, co-founder of Tribe Capital, met with FTX’s committee of unsecured creditors to discuss the initiative.

“Tribe is considering leading a $250 million fundraising campaign, anchored by $100 million from itself and its limited partners,” said an anonymous source.

  • FTX’s committee of unsecured creditors stated that they are “working with the debtors to evaluate all options to reboot or sell the FTX exchanges,” but currently, there is no exact timeline for the platforms’ revival or sale.
  • The native token FTT experienced a 20% surge soon after the announcement, reaching nearly $2.30, but it later retraced.
  • Last year, Sam Bankman-Fried’s former crypto giant filed for bankruptcy protection after revealing severe liquidity issues and failing to fulfill customer withdrawal requests.
  • The fall of FTX was one of the crypto world’s worst events of 2022, as it was once valued at over $30 billion and led the industry.
  • Their collapse resulted in massive losses for several investors.
  • Recently, attorneys and bankruptcy experts recovered over $7 billion of assets owed to clients and hinted about a possible comeback.