After the unexpected fall of FTX, which caused losses for several clients and made headlines across the industry, the new CEO of the crypto currency exchange is looking into the possibilities of resurrecting the business.
FTX trading was one of the 130 companies that filed for bankruptcy beneath FTX Group, which collapsed under the direction of Sam Bankman-Fried, also known as SBF. FTX Group was one of the largest financial technology companies in the world.
During his legal struggle in the United States, SBF was forced to resign from his position as CEO. John J. Ray III, who has taken his place as the new head of FTX, has stated that he intends to re-launch the troubled exchange in his role as the new CEO.
The New CDO Is Considering Restarting the Exchange
In his first press interview since taking control of the exchange, the new leader stated (1) that all options for the future of FTX.com were "on the table" in his conversation with the Wall Street Journal.
According to Ray, restoring monies that were invested and owed to creditors is a part of the endeavor to resurrect the defunct crypto currency exchange. In the meantime, FTX disclosed (2) not too long ago that it had located around $5.5 billion worth of liquid assets.
The liquid asset is comprised of cash and crypto assets valued at a total of $3.5 billion, along with securities valued at $0.3 billion. In addition, the crypto currency corporation said it has a liability of more than $3 billion to its top 50 debtors. The new CEO of FTX has established a task team to realize his goal of re-launching FTX.com.
Ray and SBF are at war with one another about the bankruptcy petition filed by FTX. The previous supervisor thinks that the conduct was improper and criticizes how Ray deals with the matter. On the other hand, the incumbent characterized the observation made by SBF as "self-serving and unhelpful."
He continued by saying that the statement made by the former billionaire was particularly alarming because it came "from someone purporting to care about consumers." Ray added:
"It is not necessary for us to engage in conversation with him. He hasn't shared anything new with us that I wasn't aware of.
Anyways, SBF provided commentary on the latest move that the new CEO of FTX has made to revitalize the crypto currency exchange. In a tweet, he mentioned the news from the WSJ and wrote:
"After months of squelching such initiatives, I'm relieved Mr. Ray is now giving lip service to the idea of turning the platform back on! I am still waiting for him to officially confess that FTX US is financially stable and refund the client's money."
Despite FTX's downfall, it is astonishing to see that traders are still engaging with the token. They may have faith in the asset's durability and the viability of a prospective re-launch of the crypto currency exchange.
At the time of this publication, FTT at trading at $1.59.