FTX Possible Restart?

C

EO John Ray of FTX declared that "all options are open", and if an opportunity to restore activity arises, they will take it into consideration. To make this happen, he has established a dedicated task force to review the possibility of restarting their exchange.

According to a recent report by The Wall Street Journal on January 19th, John Ray III - the CEO of FTX - is looking at reviving the defunct cryptocurrency exchange.

The Chief Executive Officer of the company revealed to the Journal that he had fashioned an investigative team for rejuvenating FTX.com, their main international exchange. He further stated:

“Everything is on the table. If there is a path forward on that, then we will not only explore that, we’ll do it.”

Even though FTX has been accused of unlawful behavior, its clientele has applauded the company's advanced technology, leading Ray to believe that it should be given another chance.

On November 11th, 2022, FTX declared bankruptcy and caused a catastrophic impact on the crypto market. The company's failure left investors, customers, and lenders with losses of over $10 billion. On January 11th, FTX announced that they had managed to recover $5 billion in funds consisting of cash, investments, and liquid cryptocurrencies.

Chris

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.