John Ray III, the acting CEO of FTX, has announced that he is exploring the possibilities of relaunching the now-defunct crypto exchange, more than two months after it filed for bankruptcy protection.
FTX Considering a Relaunch Path
Following the disclosure that FTX debtors and bankruptcy administrators located $5.5 billion in liquid assets, John Ray III has announced that the exchange is considering relaunching.
In his first interview since FTX filed for bankruptcy protection, John Ray III told the Wall Street Journal that there may be value in restarting the crypto exchange to help users recover their funds.
He told the publication “everything is on the table. If there is a path forward on that, then we will not only explore that, we’ll do it.”
Reacting to the news, FTX’s native token, FTT, has skyrocketed by 37%.
The 24-hour price chart for FTX Token (FTT). Source: CoinMarketCap
Battle of CEOs Continues
Since taking over leadership of FTX, John Ray III and Bankman-Fried have had a go at each other. Ray said the new leadership has kept their distance and hasn’t been dialoguing with SBF, who responded by saying this was a shocking and damning comment.
Their disagreement is evident by the different reports they issue on FTX’s balance sheet. Ray adds that he had not seen anything like FTX during his entire career, as the exchange under SBF “went on a spending spree.”
On the Flipside
- While the exchange looks to restart, Genesis has filed for bankruptcy because of the crypto lender’s exposure to FTX.
Why You Should Care
While the relaunch of FTX could help users recover their funds, the lack of trust in the exchange would limit the chances of it thriving.
The recovery of FTX is covered in:
FTX Recovers $5 billion in Liquid Assets to Repay Customers, But Extent of Loss Still Unknown
Read more on the FTX saga below:
Ex-FTX US President Blasts SBF: Is He Telling the Whole Story?