Legal Documents Indicate Possible FTX Revival Plans

Cryptos: 21,330
Exchanges: 1,862
Market Cap: $3.26T 5.60%
24h Vol: $480,966,662,728 45.09%
Dominance: BTC: 62.3% ETH: 8.7%
Gas: 22 GWEI

Connect

Crypto News Exchanges

CEO John Ray III Spearheads Reboot Plan for Bankrupt Crypto Exchange FTX

Written by Gile K.,

Market Sentiment Analyst

Last Updated: May 23, 2023

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now ! 🔥

CEO John Ray III Spearheads Reboot Plan for Bankrupt Crypto Exchange FTX

BITDEGREE IN YOUR SOCIAL FEED

The cryptocurrency world might witness a phoenix moment with the bankrupt cryptocurrency exchange FTX.

The new court filings obtained on May 22nd brought forward a compensation report documenting current CEO John Ray's efforts in managing FTX's Chapter 11 bankruptcy scenario.

The recent court filing confirms that a reboot plan is actively being considered. In addition to highlighting numerous meetings between the new CEO and the creditors or debtors over the past month, the document outlines key discussions ranging from reviewing plans for its reinstatement, finalizing necessary materials for the launch of FTX 2.0 to strategizing the structure of the exchange, and commenting on the bidder list for FTX 2.0.

Proof of Work vs Proof of Stake: Which is Better? (ANIMATED)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

While the report cataloged a range of actions by Ray to safeguard debtor interests, the talk of "rebooting FTX" set the crypto community abuzz.

John Ray III originally proposed a revival strategy for the beleaguered crypto exchange back in January this year.

Reports at that time suggested that FTX had identified $5.5 billion in liquid assets, with Ray coordinating with creditors to formulate a recovery plan.

Despite the absence of updates the following month, the crypto community remained hopeful. Their faith was rewarded in April when reports indicated that the crypto exchange had recuperated $7.3 billion in assets, with plans to resurrect the crypto exchange by the second quarter of 2024.

News of the potential reboot gave FTX's native token (FTT) a robust boost, resulting in a 13% surge upon the announcement. At the time of writing, FTT retails for $1.11, recording a 10.33% increase in the last 24 hours.

The court document has ushered in a wave of relief and optimism within the cryptocurrency community. Many, including popular crypto influencer DegenSpartan, applaud Ray's endeavors to resurrect the crypto exchange that owes billions to its creditors.