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The New FTX Head Implies That the Crypto Exchange Could Resurrect

WikiBit 2023-01-24 11:38

Abstract:The new FTX CEO reportedly spoke with the Wall Street Journal about the possibility of restarting the bankrupt cryptocurrency exchange. Since taking over FTX in November, he has not previously made an appearance.

  According to a conversation he gave to the Wall Street Journal, the new leader of FTX is looking into the potential of reviving the insolvent cryptocurrency exchange. This was the first appearance he had since taking over FTX in November.

  Notwithstanding the allegations of criminal wrongdoing against former CEO Sam Bankman-Fried and other top execs, John J. Ray III, who previously oversaw Enron's restructuring, claimed that customers have praised FTX's technology and suggested that it might be worthwhile to revive the exchange despite the allegations.

  As per Ray, “everything is on the table.” “If there is a path forward on that, then we will not only explore that, well do it.”


  On Binance, the FTX coin FTT was up 33% in response to the announcement.

  The choice would depend on whether clients would benefit more from resuming FTX's global exchange than they would from just disposing of their assets or selling the platform, according to Ray.

  In the discussion, Ray also blasted Bankman-Fried for making damaging remarks to the media and everywhere else. Bankman-Fried has criticized Ray's choices and said that FTX did not necessitate Chapter 11 bankruptcy relief.

  “We don‘t need to be dialoguing with him,” The new chief said. “He hasn’t told us anything that I dont already know.”

  Bankman-Fried replied to the Journal's wording by saying, “This is a shocking and damning comment from someone pretending to care about customers.”

  Bankman-Fried expressed his happiness that Mr. Ray was “finally giving lip service to turning the exchange back on after months of squashing such initiatives” in a tweet following the WSJ article's publication.

  FTX Debt holders Provide Information on Digital Assets So Far Recognized

  According to a news release on Tuesday, FTX Trade and its related debtors, commonly referred as the FTX Debtors, have released information on the digital assets they have so far discovered in their efforts to recoup monies from the insolvent crypto exchange and its affiliates.

  According to the group, about half of those digital content are currently in the possession of FTX Debtors; the remaining half, however, was transmitted to the regulation of the Securities Commission of the Bahamas in the particular instance of FTX.com and was also the topic of unwanted third transfers after FTX sought bankruptcy proceedings.

  Ultimately, the company declared that it had located around $5.5 billion in liquid assets, which included $1.7 billion in cash, $3.5 billion in digital currencies and FTT tokens, and $300 million in securities. It also acknowledged that there is a “significant shortage” at both exchanges according to current estimations of the quantity of digital content linked to FTX.com and FTX US.


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