Efforts to revive FTX are drawing near a close with three possible buyers, according to reports from the Wall Street Journal on Nov. 8.

That report indicates that former New York Stock Exchange (NYSE) president Tom Farley could buy FTX through his crypto exchange, Bullish. The crypto VC firm Proof Group and the fintech startup Figure Technologies are vying to purchase FTX as well.

The Wall Street Journal said that FTX received interest from more than 70 potential buyers but ultimately narrowed the list down to the three candidates above.

The newspaper said that a winning buyer could be chosen in December, adding that the successful buyer could restart FTX’s operations when the company exits bankruptcy in 2024. However, it noted that there is no guarantee that the deal will conclude and said that another possible buyer could emerge before the deal is complete.

An FTX revival may see customers who lost funds in FTX’s collapse compensated, as they could receive shares in the new company or new crypto tokens. The Wall Street Journal reported that about $9 billion of customer deposits are unaccounted for.

Can FTX regain its former glory?

FTX was once one of the largest crypto exchanges in operation, as it regularly handled billions of dollars in daily trading volume. It also secured several high-profile sports and celebrity partnerships that attracted mainstream attention.

However, FTX filed for bankruptcy in November 2022 after its financial mismanagement was exposed. It soon failed to satisfy customer withdrawals and collapsed.

FTX’s founder and former CEO, Sam Bankman-Fried, was recently found guilty on various charges related to fraud. He could receive a sentence of up to 110 years in prison but is expected to receive a considerably reduced sentence.

Those past problems could prevent FTX from attracting new and returning customers, even if a buyer successfully reopens the platform in the coming months.