According to the new CEO of FTX, the crypto exchange might be resumed
John Ray III told the WSJ that he has formed a task team to examine the possibility of relaunching FTX.com.
“After months of thwarting such attempts, I’m relieved that Mr. Ray is now giving lip service to restoring the exchange. I’m still awaiting his admission that FTX US is solvent and refund of client funds “Bankman-Fried remarked.
The Wall Street Journal reported that the new CEO of the collapsed cryptocurrency exchange FTX has established a task team to investigate resurrecting FTX.com.
In an interview, FTX CEO John Ray III said, “Everything is on the table” regarding the possibility of a restart.
According to the article, Ray will also investigate if restoring FTX’s international exchange would recover more value for the company’s clients than liquidating assets or selling the platform.
As part of what Ray termed a “Herculean endeavor” to unravel the company’s finances, FTX uncovered $5.5 billion in liquid assets earlier this week. FTX filed into bankruptcy in November, and its former CEO Sam Bankman-Fried was charged by U.S. authorities shortly afterwards.
Ray and Bankman-Fried are in conflict over the bankruptcy filing of the exchange. Bankman-Fried has said that FTX’s decision to file for Chapter 11 bankruptcy protection was a mistake and has criticized Ray’s handling of the situation. Ray said that Bankman remarks were “selfish and unproductive.”
Ray said in the interview, “We do not need to converse with him.” “He has not revealed anything to us that I did not already know.”
Bankman-Fried reacted to the WSJ via text message, stating that the remark was alarming “coming from someone claiming to care about consumers.”
The Justice Department has accused Bankman-Fried of utilizing billions of dollars in FTX customer funds for his own use, to make political payments, and to repay billions of dollars in debts due by Alameda Research, the crypto hedge fund he created. In addition to bringing their own accusations, the Securities and Exchange Commission and the Commodity Futures Trading Commission also did so.