John J. Ray III, the CEO of FTX, said in an interview with the Wall Street Journal that he is thinking about reviving the shuttered cryptocurrency exchange. The CEO is now in charge of the cryptocurrency exchange’s bankruptcy procedures in the US. FTX.com, a worldwide exchange that was once active, is another exchange that may make a comeback.
In November 2022, the cryptocurrency exchange declared bankruptcy as a result of consumers’ aggressive asset withdrawals from the site. As a result, Sam Bankman-Fried, the creator of FTX, also gave notice of his resignation from the position of CEO and nominated John J. Ray III, an American attorney who managed the dissolution of Enron, to fill it.
According to the most recent interview with the new CEO, a task group has been formed to resurrect the cryptocurrency exchange since clients have shown interest in its technology. The team is also examining if this action would benefit the exchange’s users more than selling the exchange or liquidating its assets. If there is a way ahead on that, Ray continued, “We will not just examine it; we’ll accomplish it.”
The price of FTT, the token of the crypto exchange, has increased as a result of the announcement. At the time of publication, the coin was valued at $2.24 on CoinMarketCap, up more than 25% in the previous hour. In addition, during the last seven days, the coin’s value has surged by nearly 60%.
Notably, Ray also addressed the recent assertions made by Sam Bankman-Fried, the former CEO. SBF’s comment, he said, was not helpful. He further denied the need for speaking with SBF, claiming that the outgoing CEO had not disclosed any new information.
This is a startling and devastating reply from someone purporting to care about clients, SBF told WSJ in response. The information also comes after Bankman-Fried claimed that the US subsidiary of FTX has always been in financial good standing, even asserting that its net cash of over $350 million was more than clients’ balances.
This was in contrast to the report released by the FTX Debtors, nevertheless. According to the report, the Debtors discovered and identified almost $181 million in cryptocurrency that belonged to the site.