FTX considers restarting exchange, FTT price increases 40%

The new leadership team of FTX is considering restarting the exchange after receiving many interested requests.

FTX considers restarting the exchange, FTT price increases 40%

Answer the interview Wall Street Journal, The CEO of FTX exchange, Mr. John J. Ray III, has established a task force to prepare for the possibility of reopening the trading platform.

The reason for this, according to the CEO, is to consider the possibility that the resumption of operations for FTX will bring more value to the exchange instead of liquidating assets as the current plan. In addition, some FTX customers believe that the exchange itself still has a good technology foundation and can be reused.

Mr. John J. Ray III said:

“Everything is still open. If we feel able to do so, we will not stop at the discovery level but will make it real.

There are a number of shareholders of the exchange we spoke to who think this is still a viable business model.”

Previously, as reported by Kyptos at the beginning of the week, the bankruptcy unit that took over the FTX exchange said it had recovered $5.5 billion in assets in various forms.

Mr. Ray also revealed that he received help from Caroline Ellison and Gary Wang, two confidants of former FTX CEO Sam Bankman-Fried who pleaded guilty to US authorities, to recover the exchange’s assets.

As for former CEO Sam Bankman-Fried, Mr. Ray said that the Comments of this character on social networks in the past time as “unhelpful” and “self-serving,” as well as that the bankruptcy unit did not obtain any new information from Sam Bankman-Fried.

Mr. Sam Bankman-Fried then wrote on Twitter that the unit that took over FTX finally reopened the exchange after months of being asked to do so. The former CEO also wants the bankruptcy unit to further acknowledge that FTX.US still has enough money to pay users, which he has affirmed for months.

FTX’s FTT token price is recovering almost 40% on the above news.

15m chart of FTT/BUSD pair on Binance exchange at 11:45 PM on 19/01/2023

The crypto investment community on Twitter is now asking a lot of questions about Mr. John J. Ray III’s intention to restart FTX, from whether the exchange will return money to users when it resumes operations; who will ensure the operation of the floor; whether there is a large investment fund behind the recovery plan; or whether it’s all just a “price blow” for FTT when the bankrupt unit is holding a large amount of that token, which has been in serious decline in recent months.

Synthetic Kyptos

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