At least three bidders are in the running to buy the exchange, which traded tens of billions of dollars a day at its peak.

A decision will be potentially made by mid-December, as part of plans to be submitted to the Delaware bankruptcy court for approval. Cofsky’s testimony contributed to a successful bid to keep the platform’s list of over 9 million customers secret, given that such information might prove valuable to a potential buyer.

“We’ve narrowed the field from a large number to a smaller number in what we’re calling our second round,” Cofsky said at the court hearing, referring to the parties with whom he’s discussing wind-up options. “I am optimistic that we will have either a plan for a reorganized exchange, a partnership agreement or a stalking horse for a sale, on or prior to the December 16 milestone date.”

FTX collapsed last November after CoinDesk published revelations concerning the state of its balance sheet. New CEO John J. Ray III has excoriated financial controls at the company, and founder Sam Bankman-Fried is on trial for criminal charges.

Ray has floated an amended proposal which could see 90% of whatever assets the estate manages to muster returned to creditors.

Jack Schickler contributed reporting.