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New Celsius Co-Owners Behind Potential Bid to Relaunch FTX Crypto Exchange

Hannah Miller
·2 min read

(Bloomberg) -- Investment firm Proof Group is one of multiple bidders looking to relaunch bankrupt crypto exchange FTX, according to a person familiar with the matter. The firm is also part of the Fahrenheit consortium, a group of investors and crypto companies that won a bid to acquire the remains of bankrupt crypto lender Celsius Network. Fahrenheit is backed by Arrington Capital, a crypto hedge fund.

Most Read from Bloomberg

Read: Crypto Exchange FTX Outlines Timeline for Potential Reboot

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Proof Group approached other investors to see if they wanted to join the bid, according to the person, who asked not to be named discussing private information. Crypto news outlet CoinDesk first reported the bid from Proof Group, citing sources.

Based in Silicon Valley, Proof Group is an investor in crypto startups like Aptos Labs, Mysten Labs and Lightspark, according to the firm’s website. As part of the Celsius relaunch, Proof Group is setting up a staking platform for the company, according to bankruptcy filings.

Read: Bankrupt Celsius Says Restart Is Crypto Customers’ Best Option

Noah Jessop, the founder and managing partner at Proof Group, is a former executive at crypto miner Core Scientific. Jessop was previously a product manager for the Libra Association, an ill-fated Meta-backed attempt to launch a global stablecoin. Jessop declined to comment.

Proof Group is one of three bidders with proposals looking to reboot trading on FTX, which filed for bankruptcy almost a year ago after its stunning implosion. Perella Weinberg Partners, which is advising the FTX estate on the potential relaunch, declined to comment.

Sam Bankman-Fried, the crypto exchange’s co-founder and former chief executive officer, was found guilty fraud charges that included the misuse of FTX customer funds.

Read: FTX Bankruptcy Advisers Provided Customer Trading Data to FBI

--With assistance from Tom Giles and Jonathan Randles.

Most Read from Bloomberg Businessweek

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