According to the Wall Street Journal, new CEO of FTX, John J. Ray III, said that the bankrupt company is investigating the possibility of reopening the stock market as it continues to work to refund its customers and creditors.
submerged after development cryptocurrency exchange FTX’s local exchange token FTT also experienced a sudden increase in price:
New FTX Management Establishes a Team to Investigate Restart
In his first interview since taking over FTX in November, Ray said he’s set up a task force to investigate relaunching FTX.com, the company’s main international exchange.
He said that although senior FTX executives have been accused of misconduct, some customers praised the company’s technology and suggested that a reboot of the platform would be worthwhile.
“It’s all on the table,” Ray said, adding: “If there’s a way forward in this, then we’re not just going to investigate, we’re going to do it.”
FTX’s filing for bankruptcy was the largest of several bankruptcies last year that caused cryptocurrency platforms to freeze access to millions of users’ accounts. FTX, Celsius Network LLC, Voyager Digital Ltd. and BlockFi Inc. they used the Chapter 11 process to explore restarting their business and selling their platform to stronger competitors.
Ray said he will explore whether reviving FTX’s international exchange will gain more value for the company’s customers than it could have achieved by simply liquidating assets or selling the platform.
“There are shareholders we are working with right now who see this as viable,” Ray said.
Ray said he initially had help keeping track of companies’ funds from Gary Wang, co-founder of FTX, and Caroline Ellison, former CEO of affiliated trading firm Alameda Research. Wang and Ellison later pleaded guilty to criminal charges related to FTX.
*Not investment advice.
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