Silicon Valley’s Proof Group, recognized for its venture capital investments in crypto projects, is reportedly among the frontrunners to spearhead the relaunch of the beleaguered crypto exchange FTX. This development, reported by two sources familiar with the matter, comes nearly a year after FTX’s collapse, which had a seismic impact on the cryptocurrency sector. Proof Group, as part of the Fahrenheit consortium, previously succeeded in acquiring assets from the bankrupt cryptocurrency lender Celsius.

Perella Weinberg Partners, the investment bank orchestrating the bid process, has indicated that the list of potential strategies for FTX’s future has been narrowed to three. These include the sale of the exchange with its substantial customer base, a partnership to facilitate the restart or a complete overhaul of the platform. The final decision is expected by mid-December, as stated by Kevin Cofsky, a partner at Perella Weinberg.

Proof Group’s bid is not isolated. Other entities, such as Figure, a fintech and digital assets firm, and Tribe Capital, a venture capital investor, also show interest in reviving FTX. The complexity of the bankruptcy case, which involves sorting out claims, token lockups, and compliance issues, presents a challenging landscape for all interested parties.

Amidst the backdrop of FTX’s potential revival, on-chain data has revealed significant asset movements tied to the defunct exchange. Lookonchain reported that these wallets have moved approximately $30 million in Solana (SOL) tokens to Binance and Kraken. This significant transfer coincided with a 3% drop in SOL’s market price, prompting speculation and concern within the crypto community.

Adding to the intrigue, FTX has also executed additional substantial transactions. On November 7, 462,964 SOL (valued at $19.2 million) were moved, followed by a deposit of 1,583 Ethereum (ETH), approximately $3 million, to exchanges five hours later. These recent moves are part of a broader pattern of asset liquidation by FTX and Alameda Research, which has seen around $275 million in crypto assets transferred since the exchange’s implosion.

While the parties responsible for these transactions have not been officially identified, the crypto industry is rife with speculation. Galaxy Digital, known for its supervisory role in the liquidation of FTX’s assets, is among the speculated entities involved. Prior to these transactions, FTX-linked wallets had already sold off 1.1 million SOL and 7,183 ETH, which at the time amounted to a combined value exceeding $55 million.