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FTX: Anthony Scaramucci Weighs in on Exchange's Uncertain Future

Fri, 04/28/2023 - 13:36
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Tomiwabold Olajide
One of several potential options considered for company's future was restarting exchange
FTX: Anthony Scaramucci Weighs in on Exchange's Uncertain Future
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The founder of SkyBridge Capital, Anthony Scaramucci, has spoken about the uncertain future of the collapsed FTX exchange. At the Consensus 2023 conference, Scaramucci said it is doubtful that the FTX exchange will be revived.

One of several potential options being considered for the company's future was restarting the exchange. John J. Ray III, the company's new CEO, has been considering whether to relaunch FTX, and the current management expects to decide in the second quarter.

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However, FTX attorneys cautioned that any restart would demand a sizeable amount of capital. Additionally, there is internal debate regarding whether the capital should come from the FTX estate or a third party.

Given this, Scaramucci personally thinks that FTX's recovery is still improbable. He can see that the technology might be sold and that there might be a rebranding, but he cannot see how FTX could be brought back.

Former FTX U.S. president shrugs off comeback

FTX, once a leading cryptocurrency exchange with a valuation of $32 billion, collapsed in November 2022. Former FTX US president Brett Harrison has shrugged off the notion of a comeback as the exchange considers restarting in the future.

Harrison believes that while there may be a benefit to rescuing some of the exchange's technology, it might not be done under the name of FTX.

He agrees that selling the technology and intellectual property to a different business that would oversee the exchange would be a "significant undertaking."

Attorneys for FTX hinted at a recovery of $7.3 billion in liquid assets from the defunct exchange at a recent court hearing in April, an increase from the $1.9 billion total in January. However, they stated that FTX was still far away from an equity distribution.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.