FTX May Reopen According to New FTX CEO

New FTX CEO John J. Ray III has stated that there may be a possibility for the bankruptcy exchange to reopen.

In a recent interview, Mr Ray said the possibility of reopening the exchange has not been completely ruled out. The CEO, who has stepped in for former CEO, Sam Bankman-Fried, believes the move to reopen FTX will offer more value to customers, as it will allow assets to be liquidated only and used on the platform. as opposed to closing or selling off.

Commenting further on the possibility of reviving international exchanges, Ray said: “There are stakeholders that we are working with that have identified what they see as a viable business.”

New FTX CEO To The Rescue

John J. Ray III was brought into the company to determine what value could be salvaged from the company following its tumultuous collapse the previous year. Mr. Ray brought with him a wealth of experience, having previously worked at the defunct Enron.

Ray has since managed to withdraw a large portion of the capital to help FTX make users as perfect as possible. Most recently, the firm discovered $5 billion in assets. Offering customers a glimmer of hope following FTX’s recent Chapter 11 bankruptcy filing.

The restructuring and foreclosure on the assets has been extremely difficult. Mr. Ray acknowledged that the former FTX CEO and his team went on a spending spree, sprinkling money on investments and other companies, with little paper trails to track. “Sometimes there were no purchase agreements, or the agreements were not signed,” he said.

FTX Token (FTT) surged after the announcement

Following recent comments from the new FTX CEO, the FTX Native Token (FTT) saw a 30% increase in price. Sentiment appears to have turned increasingly positive for FTX clients, who lost almost all of their holdings on the exchange.

Source: Tradingview

While nothing has been confirmed, the idea of ​​FTX possibly rebooting has caused FTT’s price to increase dramatically. An increase of about 35% in the price took the price to $3. After hitting a two-month high, FTT fell to a low of $0.80 after the collapse of the exchanges.


BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.

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