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FTX Reportedly Making Comeback

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Thu, 19/01/2023 - 17:31
FTX Reportedly Making Comeback
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John J. Ray III, the newly appointed chief executive of FTX, has floated the possibility of reviving the bankrupt crypto exchange, The Wall Street Journal reports

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In his first interview since taking over FTX in November, Ray revealed he had formed a task force to look into potential paths forward for the company and explore the option of reigniting FTX's international exchange.

If a path is ultimately found, Ray has stated that it could result in returning more money to failed company's customers and creditors than would be possible through liquidating assets or selling off the platform.

The CEO mentioned that some creditors have indicated there may be additional value in reestablishing FTX's services and operations despite high-profile accusations against top executives at FTX for criminal misconduct.

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Ray remains dedicated to restoring customer access to their funds regardless if a full reboot looks feasible or not.

Ray has completely overhauled FTX's structure which previously lacked corporate governance. The CEO, who was also in charge of Enron's bankruptcy proceedings, lamented the exchange's complete failure of corporate control.  

Sam Bankman-Fried, the disgraced founder of the exchange, slammed Ray for his effort to bring the exchange back to life. "I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!" he tweeted.   

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