- FTX’s new CEO John J. Ray III announced that there is a chance of reviving FTX.com.
- Ray mentioned that he had set up a task force to focus on restarting the operations of FTX.com.
- The FTX’s new CEO pointed out that some customers have praised the technology behind the fallen crypto exchange.
Discovering a chance of recovery, FTX’s new CEO, John J. Ray III, announced that there is a possibility of reviving the bankrupt FTX.com because of the crypto exchange’s technology. Ray mentioned that he had set up a task force focused on restarting the operations of FTX.com, the company’s main international exchange.
The new CEO of FTX pointed out that even though FTX’s top executives have been accused of criminal misconduct, some customers have praised the technology behind the fallen crypto exchange. He further expressed that if there is a path forward on starting the operations of FTX, then they will not only explore that, they’ll do it.
Moreover, Ray questioned whether reviving FTX’s international exchange would recover more value for the company’s customers than his team could get from simply liquidating assets or selling the platform.
During his interview with Wall Street Journal, Ray commented:
There are stakeholders we’re working with who’ve identified what they see is a viable business.
Ray, along with his team, is currently working on finding any assets held by FTX, in order to pay back the funds to the bankrupt crypto exchange’s customers and creditors. As the new CEO of FTX, Ray and his team discovered that there was no centralized register that identified where the company stored its funds.
Meanwhile, Sam Bankman-Fried, the former CEO of FTX, protested against the decision for filing Chapter 11 of Bankruptcy and criticized Ray’s management of the fallen crypto exchange. However, Ray disregarded Bankman-Fried’s remarks calling them “unhelpful” and “self-serving.”
Ray stated that the high levels of criminal activity surrounding FTX made it difficult to trust some existing employees. If FTX.com is revived, one of the most challenging obstacles that the crypto exchange should face is to gain the community’s trust, as many were affected by FTX’s tremors.