Investment firm Proof Group is one of three bidders looking to revive bankrupt crypto exchange FTX, according to multiple reports citing people familiar with the matter.

The investment firm is familiar with the crypto sector and was part of the Fahrenheit Group, a consortium of firms including hedge fund Arrington Capital, that made the winning bid to acquire bankrupt crypto lender Celsius' assets in May. 

CoinDesk first reported the news on Proof Group's involvement on Monday. Proof Group has also approached other investors to see if they wanted to join the bid, a person familiar with the situation told Bloomberg News. 

Noah Jessop, managing partner of the Proof Group, was previously an advisor for blockchain mining firm Core Scientific and worked at the Libra Association, the group behind Meta's attempt at a stablecoin project, according to his LinkedIn profile. Jessop did not immediately respond to a request for comment. 

Multiple ideas on the table

Lawyers involved with FTX's bankruptcy planning are considering multiple proposals to figure out what's next for the exchange. Kevin Cofsky, partner at investment bank Perella Weinberg Partners — which is tasked with exploring restructuring and capital market opportunities for FTX Group — told the court last month that the exchange is considering multiple proposals.

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"We have been engaging in an outreach process with a number of interested parties to either acquire the legacy exchange assets and/or to partner with the debtors in connection with a launch of  the exchange," Cofsky said. "We've been evaluating that process relative to the potential to reorganize the assets on a standalone basis." 

Cofsky also said last month that a stalking horse bid, a term for an initial offer on the assets of a bankrupt company, will likely be announced mid-December. 

FTX was formerly run by Sam Bankman-Fried, who was convicted last week of defrauding customers, lenders and FTX investors. His sentencing is scheduled for March.