- Crypto trader suggests a new FTT token issuance for affected FTX creditors and depositors.
- He calls CEOs of Binance and Bybit to support the cause.
- Sam Bankman-Fried, former CEO of FTX, is happy with the Idea.
Ran Neuner, a CNBC crypto trader and founder of Crypto Banter, is calling on famous Web3 CEOs for collaborations towards ‘making whole again’ customers of the bankrupt FTX crypto exchange.
Today, Neuner tagged Changpeng Zhao of Binance and Ben Zhou of Bybit in a tweet, seeking their guidance and support to champion a list of proposals. The crypto trader suggests a new FTT token issuance which, according to him, should be allotted to creditors and depositors.
Neuner believes doing so would ‘fire up’ the FTX exchange, making it the biggest exchange in the world, with users fully recovering from losses.
Interestingly, the former CEO of FTX, Sam Bankman-Fried, supported Neuner’s motion, saying it would be a productive path for parties to explore.
However, the crypto community sees the idea as bullshit without the hope of success. David Schwartz, the chief technology officer of the Ripple blockchain, said:
If this were such a great opportunity, you wouldn’t need to force people to invest, and you could just sell the opportunity to support and use the proceeds to make creditors whole. But that won’t work.
Last month, a crypto lawyer, Wassielawyer, suggested a buyout of FTX that would turn it into a community-owned centralized exchange. Wassielawyer added that executing the project would require immense cooperation and coordination between participants, but it would be unlikely.
According to a former head of institutional sales at FTX, the firm has $8.8 billion in liabilities against $900 million in liquid assets, $2 billion in semi-liquid assets, $3.2 billion in illiquid assets, and a $2.66 billion hole.