FTX CEO John J. Ray III is reportedly in the process of reviving the bankrupt cryptocurrency exchange.
FTX Will File its Restructuring Plans in Q3 2023
FTX CEO John J. Ray III is reportedly in the process of reviving the bankrupt cryptocurrency exchange.
According to the WSJ, the company “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.” Potential investors have been approached in a possible joint venture arrangement to support the revival of the global exchange FTX.com.
Sources told WSJ that previous clients may be given a part in the newly created exchange as payment for their claims. The former cryptocurrency exchange would likely rebrand as a part of its relaunch.
According to CoinMarketCap, FTX’s native token FTT gained over 38% after the news to hit $1.83.
The prospect of an FTX revival was originally mentioned by the company's CEO in January of this year. According to a court document filed in May, Ray investigated the processes necessary to relaunch the business while also revising and completing the FTX 2.0 papers that would be provided to investors. FTX will file its restructuring plans in Q3 2023, and any decision regarding the future of any relaunch plans is expected to be received by the summer of 2024.
