Wednesday, March 29, 2023

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Will the FTX digital currency exchange return to work again after its bankruptcy?

Bankrupt cryptocurrency exchange FTX is considering the possibility of reviving its business, new CEO John Ray said.

Ray, who took over in November, set up a task force to explore restarting FTX, the company’s main international exchange.

The CEO said he would look at whether reviving FTX International would restore more value to the company’s clients than his team might get from simply liquidating assets or selling the platform.

FTX’s native FTT token rose nearly 30% after the company’s new CEO said.

FTX founder and former CEO Sam Bankman-Fried said in a tweet, “I’m glad Mr. Ray is finally getting a lip service to restarting the exchange after months of crushing such efforts!”

Bankman Fried added, “I am still waiting for him to finally admit that FTX US is able to pay its debts and return clients’ money to clients.”

Bankman-Fried has been accused of stealing billions of dollars from exchange clients to pay off debts incurred by crypto-focused hedge fund Alameda Research and has pleaded not guilty to fraud charges.

However, the future of clients’ funds remains unclear. Earlier this week, FTX said in a report to creditors that hackers have stolen about $415 million in cryptocurrency from its international and US exchanges since its bankruptcy in November.

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