John Ray considers relaunching FTX and criticizes Sam Bankman-FriedFTX Acting CEO John Ray III has announced that he is exploring possibilities of relaunching the now-defunct cryptocurrency exchange, more than two months after he filed for bankruptcy protection.
FTX consider the reboot path
After revelations that FTX principals and bankruptcy managers had located $5.5 billion in liquid assets, John Ray III announced that the exchange was considering relaunching it.
In his first interview since FTX filed for bankruptcy protection, John Ray III told the Wall Street Journal that there could be value in restarting the cryptocurrency exchange to help users get their money back.
He told the paper “Everything is on the table. If there is a way forward on that, we will not only explore it, we will do it.”
In response to the news, FTX’s native token, FTT, is up 37%.
24-hour price chart for (FTT). Source: CoinMarketCap
The CEO battle continues
Since taking over the helm of FTX, John Ray III and Bankman-Fried have been pitted against each other. Ray said the new leadership kept their distance and did not engage in dialogue with the SBF, who responded by saying that this was a shocking and offensive comment.
Their disagreement is evidenced by the various reports they make on FTX’s balance sheet. Ray adds that he hasn’t seen anything like FTX in his entire career, as the exchange under the SBF “has had a spending spree.”
on the flip side
- As the exchange looks to restart, Genesis has filed for bankruptcy due to exposure from cryptocurrency lender FTX.
Why should you bother
While the relaunch of FTX could help users get their money back, the lack of trust in the exchange will limit its chances of prosperity.
FTX refunds are covered in:
FTX has recovered $5 billion in liquid assets to repay customers, but the extent of the loss is still unknown
Read more about the FTX story below:
Former US President of FTX Criticizes SBF: Is He Telling the Whole Story?
