Latest FTX CEO John Ray Says Exchange Could Be Relaunched

Based on a report from The Wall Street Journal, the brand new CEO and chief of the bankruptcy proceedings for FTX, John Ray, is serious about relaunching the platform. The manager is exploring options to re-launch the trading venue and lift money to repay its customers.

Ray appointed a task force to look into the potential for restarting the international arm of the failed crypto exchange. The bankruptcy proceeding is attempting to explore every option to lift money and supply value to the corporate’s customers.

FTX’s token FTT trading upwards on recent news within the every day chart. Source: FTTUSDT Tradingview

FTX Has Two Options, Customers Will Get Their Money Back?

The FTX CEO has found several assets and corporations owned by the failed company. The brand new management could sell these assets to get money, but John Ray believes there may be a possibility of getting more value by simply re-launching these venues.

The manager has yet to supply more details about this possibility; the bankruptcy proceedings prioritize the clients. Nonetheless, these processes could take years and infrequently fail to make customers whole. John Ray told the Wall Street Journal the next regarding a possible FTX relaunch:

The whole lot is on the table. If there may be a path forward on that, then we is not going to only explore that, we’ll do it.

As well as, Ray called out Sam Bankman-Fried (SBF), the founder and former CEO of the crypto exchange. SBF pleaded not guilty to wire fraud and conspiracy to commit wire fraud and denied his involvement within the billion-dollar scheme that resulted in an enormous loss for his customers.

SBF was extradited from the Bahamas and placed under the custody of his parent after posting collateral for a $250 million bail. Since his apprehension, the FTX has been public on the case, and he intends to “do every little thing “ for his customers. Thus far, he has failed to satisfy this commitment.

On SBF, Ray said: “We don’t must be dialoguing with him. He hasn’t told us anything that I don’t already know.”

Based on the WSJ, the FTX Founder replied: “This can be a shocking and damning comment from someone pretending to care about customers.”

As mentioned, SBF allegedly took billions from its customers and lent it to FTX’s trading arm, Alameda Research. The previous CEO of this company, Caroline Ellison, and the previous FTX CTO, Gary Wang, is cooperating with U.S. authorities. Each pleaded guilty to several charges, including fraud.

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