John Ray Considers Relaunching FTX, Criticizes Sam Bankman-Fried

FTX’s new CEO has said they are considering relaunching the crypto exchange, leading to FTX skyrocketing by 37%.

John Ray dreaming about an FTX restart.

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.

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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.

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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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia