FTX CEO Says He Is Exploring Relaunching Exchange: Report

John Ray, who took over as CEO of cryptocurrency alternate FTX previous to chapter proceedings, has created a process drive to think about reviving FTX.com.

Based on a January 19 report within the Wall Avenue JournalHe stated that every thing was “on the desk” when it got here to the way forward for FTX.com, together with a possible path ahead with the alternate’s relaunch. FTX Buying and selling, buying and selling as FTX.com, was one among 130 FTX Group firms to file for Chapter 11 Chapter in November 2022.

Ray would have been contemplating reviving the cryptocurrency alternate as a part of efforts to compensate customers. FTX reported on January 17 that it had recognized roughly $5.5 billion of liquid belongings in its investigations, with greater than $3 billion owed to its prime 50 collectors. Based on the FTX CEO, he took into consideration the opinion of some stakeholders who noticed the alternate as a “viable enterprise”.

The collapse of FTX and the next legal fees towards a lot of its executives despatched ripples by the crypto area in 2022. Former Alameda Analysis CEO Caroline Ellison and FTX co-founder Gary Wang have each pleaded responsible to fraud fees, whereas Ray’s predecessor Sam Bankman-Fried has largely denied lots of the allegations. towards him. He has pleaded not responsible and is scheduled to seem in court docket in October for his trial.

Ray apparently enlisted the assistance of Wang and Ellison in finding some firm belongings, however he has typically traded insults with Bankman-Fried. The previous CEO claimed that he had been pressured by the legislation agency Sullivan & Crowell and the final counsel of FTX US to make Ray a director of FTX earlier than the corporate’s chapter. Ray has additionally stated that Bankman-Fried not has any function on the alternate and can’t converse on his behalf.

“We need not have a dialogue with him,” Ray stated of Bankman-Fried. “He hasn’t advised us something I do not already know.”

SBF stated in a Jan. 12 publish a few “pre-mortem overview” of FTX that if the alternate had been to “relaunch,” it could be potential to repay purchasers with out there belongings.. The group dealing with the chapter proceedings and Bankman-Fried publicly disagreed on their approaches to calculating FTX’s stability sheet, with the previous CEO stating that FTX US was “absolutely solvent.”

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