Investment firm Proof Group is one of many bidders seeking to relaunch bankrupt crypto exchange FTX, according to a person familiar with the matter.

Reporting from Yahoo Finance, Wednesday (11/15/2023), this company is also part of the Fahrenheit consortium, a group of crypto investors and companies that won the bid to acquire the remains of the bankrupt crypto lender, Celsius Network. Fahrenheit is backed by Arrington Capital, a crypto hedge fund.

Proof Group is approaching other investors to see if they want to join the offering, according to the person, who asked not to be identified discussing private information.

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

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

Proof Group was one of three bidders who submitted a proposal to restart trading in FTX, which filed for bankruptcy nearly a year ago after its stunning implosion.

Perella Weinberg Partners, which advises FTX companies on a potential relaunch, declined to comment. Sam Bankman-Fried, the crypto exchange’s co-founder and former CEO, was found guilty of fraud charges including misuse of FTX customer funds.