FTX CEO John Ray creates taskforce to explore restarting exchange News ▸ FTX ▸ Bankruptcy
FTX CEO John Ray creates taskforce to explore restarting exchange
CEO John Ray stated that ‘everything is on the table’ and if there is a path forward, FTX will explore it.
1 min read
Updated: Aug. 9, 2023 at 4:10 am UTC
U. S. House Committee on Financial Services / Public Domain. Remixed by CryptoSlate
FTX CEO John Ray III is investigating the possibility of relaunching the now-defunct cryptocurrency exchange, The Wall Street Journal reported Jan. 19.
The CEO told the Journal that he had created a task force to investigate relaunching FTX.com, the company’s primary international exchange. He said:
“Everything is on the table. If there is a path forward on that, then we will not only explore that, we’ll do it.”
While FTX officials have been accused of criminal activity, several clients have praised the company’s technology, suggesting that it might warrant a reboot, according to Ray.
On Nov. 11, 2022, FTX filed for bankruptcy, leading to a significant downturn in the crypto market. Investors, customers, and lenders all suffered losses exceeding $10 billion due to the collapse.
However, FTX announced on Jan. 11 that it had recovered over $5 billion worth of funds comprised of cash, investments, and liquid cryptocurrencies.
Following the recent update, FTT, the native token of FTX, grew by 37% within a few hours.
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Soumen Datta
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FTX Token
$1.44597
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
John J Ray III is the Chief Restructuring Officer and now-appointed CEO of FTX, a cryptocurrency derivatives exchange.