FTX CEO John Ray is Reportedly Exploring the Possibility of Relaunching FTX.com

FTX CEO John Ray is Reportedly Exploring the Possibility of Relaunching FTX.com

FTX CEO has reportedly set up a task force exploring the possibility of relaunching FTX.com.

John Ray III, an American attorney and current cryptocurrency exchange FTX chief executive officer (CEO), is reportedly looking into the possibility of relaunching FTX services.

According to the Wall Street Journal report shared on January 19th, Ray III has gathered a task force that is exploring ways to restart operations of FTX’s main international exchange, FTX.com.

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Moreover, the team is allegedly looking into whether restarting FTX.com would bring more value to FTX customers than “simply liquidating assets or selling the platform.”

FTX founder and former CEO Sam Bankman-Fried celebrated the news on Twitter.

I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts! I'm still waiting for him to finally admit FTX US is solvent and give customers their money back…

It is worth noting that, on January 17th, FTX shared a press release revealing that it has identified around $5.5 billion “of liquid assets.” The total amount of liquid assets is constructed from “$1.7 billion in cash, $3.5 billion of crypto assets, and $0.3 billion of securities.” Moreover, FTX reportedly owes more than $3 billion to the top 50 creditors.

The end of 2022 was quite significant for the whole FTX case. At the end of December, former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang pled guilty to fraud charges.

On the other hand, after being extradited to the United States, Sam Bankman-Fried pled not guilty to all criminal charges and is now set to appear before the court in October.

After the news about John Ray’s plans broke, FTX native token FTT surged more than 30%. At the time of writing, FTT retails for $2.31, recording a 30.76% price increase in the last 24 hours.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


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