“Strong Technology” Boosts FTX Revival Hope
Defunct cryptocurrency exchange FTX may resume operations soon, thanks to its core technology on which it is hosted. Indications to that effect was provided by its new head.
John J. Ray III, who previously handled Enron’s restructuring, said that despite the accusations of criminal misconduct against former CEO Sam Bankman-Fried and other executives, customers have lauded FTX’s technology and said it could be worth reviving the exchange.
“Everything is on the table,” Ray told the Journal. “If there is a path forward on that, then we will not only explore that, we’ll do it.”
The FTX token FTT rose 33% on Binance on the news.
The decision would come down to whether restarting FTX’s international exchange would recover more for customers than just liquidating assets or selling the platform, Ray said.
In the interview, Ray also criticized Bankman-Fried’s comments to the media and elsewhere as being unhelpful. Bankman-Fried has said FTX did not need to file for Chapter 11 bankruptcy protection and has been critical of Ray’s decisions.
“We don’t need to be dialoguing with him,” Ray said. “He hasn’t told us anything that I don’t already know.”
(With inputs from Shubham Joshi)
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