Breaking: New FTX CEO John J. Ray III Is Planning To Restart The Failed Crypto Exchange

John J. Ray III, who just took over the position of CEO at FTX, has stated that he is investigating the potential of restarting the defunct cryptocurrency exchange even as he works to repay the money owed to the company’s clients and creditors. Ray, who was in charge of restructuring Enron before, said that “if there is a path forward on that, then we will not only explore that, we’ll do it.”

John J. Ray III Says FTX Could Restart

Ray stated, in the first interview he has given since taking over FTX in November, that he has established a task force to investigate the possibility of relaunching FTX.com, the primary international exchange operated by the company. According to him, even though high-level officials at FTX have been accused of criminal activity, a number of clients have lauded the company’s technology and suggested that there may be merit in rebooting the platform.

The new FTX CEO was quoted as saying:

Everything is on the table. There are stakeholders we’re working with who’ve identified what they see as a viable business.

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Ray Lashes Out At SBF

Ray and FTX’s founder Sam Bankman-Fried, can’t seem to come to an agreement over whether or not the exchange should have filed for bankruptcy back in 2022. SBF has stated that it was a poor decision for FTX to seek protection under Chapter 11 of the bankruptcy code, and criticized Ray’s approach while dealing with the situation. Ray, on the other hand, stated that Bankman-Fried’s remarks were “unhelpful and self-serving.”

Furthermore, Ray claims that they “don’t need to be dialoguing with him” as he didn’t mention anything that the restructuring team wasn’t already acquainted with. Earlier last week, Ray & team were able to locate $5 billion in cash and liquid cryptocurrencies, which the CEO termed as a “Herculean effort” to sort the business’s finances.

As things stand, the price of FTX’s native cryptocurrency, FTT, is currently being traded at $2.41. This represents an increase of 30% in the past 1 hour, in contrast to its 68% jump during the last seven days, as per CoinGape’s crypto market tracker.

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