FTX CEO says he plans to relaunch the exchange

John Ray, who took over as CEO of cryptocurrency exchange FTX earlier than the chapter course of, has reportedly created a job pressure to take into account restarting

According to a Jan. 19 Wall Street Journal story, Ray mentioned every part is “on the desk” when it comes to the way forward for, together with a doable path ahead with the relaunch of the exchange. FTX Trading, working as, was one in every of roughly 130 FTX Group firms to file for Chapter 11 chapter in November 2022.

Ray is reportedly contemplating reviving the cryptocurrency exchange as a part of efforts to refund customers. FTX mentioned on January 17 that it had recognized about $5.5 billion in liquid property in its investigations, with greater than $3 billion owed to its 50 largest collectors. According to FTX’s CEO, he took into consideration suggestions from some stakeholders who noticed the exchange as a “viable enterprise.”

The collapse of FTX and subsequent prison prices towards lots of its executives despatched ripples by way of the crypto house in 2022. Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang pleaded responsible to fraud prices, whereas Ray’s predecessor, Sam Bankman-Fried has largely denied lots of the allegations towards him. He pleaded not responsible and is due in courtroom in October for his trial.

Wray was reportedly assisted by Wang and Ellison in monitoring down a few of the firm’s property, however he typically traded criticism with Bankman-Fried. The former CEO claims he was pressured by regulation agency Sullivan & Crowell and FTX’s US normal counsel to appoint Ray as head of FTX earlier than the firm’s chapter. Ray additionally mentioned Bankman-Fried now not has any position at the exchange and can’t converse on its behalf.

“We haven’t got to have a dialogue with him,” Ray mentioned, referring to Bankman-Fried. “He did not inform us something I did not already know.”

FTX US is solvent because it has all the time been.

— SBF (@SBF_FTX) January 18, 2023

The SBF mentioned in a Jan. 12 put up a couple of “mortem evaluate” of FTX that if the exchange have been to “reset,” it might be doable to refund purchasers with property in hand. The group managing the chapter course of and Bankman-Fried have publicly disagreed over approaches to calculating FTX’s steadiness sheet, with the former CEO arguing that FTX US is “absolutely solvent.”


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