Thoma Bravo, which once invested in FTX, announced its permanent withdrawal from the crypto market

BlockBeats news, on September 9, Orlando Bravo, head of Thoma Bravo, a private equity firm that manages about $160 billion in assets, said in an interview with CNBC that the company will permanently withdraw from the crypto market.

The decision stems from its failed investment in FTX, in which Thoma Bravo participated in a $900 million investment in FTX in 2021. After the collapse of FTX, investors such as Thoma Bravo faced huge losses and were involved in a lawsuit accusing it of making misleading statements when promoting FTX.

Despite this, Bravo said he personally still believes in the potential of blockchain technology. At the same time, the FTX bankruptcy case is coming to an end, having successfully recovered about $16 billion and is expected to repay customers in full.

The U.S. Delaware Bankruptcy Court will hold a hearing on October 7 to confirm FTX's Chapter 11 reorganization plan. If approved, more than 98% of customers and unsecured creditors would be repaid in full.