FTX CEO John Ray Begins Restart Of Flagship Crypto Exchange

Beleaguered crypto exchange FTX begins efforts to relaunch its international crypto exchange, despite losing its reputation in the market, according to a report by Wall Street Journal. The new management team of the crypto exchange detailed how nearly $9 billion in customer funds were misappropriated before the company’s collapse last year.

FTX CEO John Ray III has started soliciting interested parties to restart the FTX exchange. Discussions on renaming the exchange, compensation to some existing customers, and team building and recruitment are also underway. Blockchain technology company Figure has expressed interest in helping FTX reboot, according to sources. The firm was also part of an investment group that bid for Celsius Network, but lost to another consortium.

Chief Executive John Ray III said he is setting up a task force to look into the crypto exchange’s restart.

“The company has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.”

CoinGape Media earlier reported that FTX released the names of parties under the 363 Sale section of the US Bankruptcy Code that allows the selling of a company’s assets. Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin are the interested parties, according to a court filing on June 22 in the Delaware Bankruptcy Court.

FTX Debtors plan to conduct the sale process in Q3 or Q4 of this year and select a “stalking-horse bidder.” One among these companies will likely be the staking-horse bidder. Meanwhile, some companies are also looking to invest in FTX 2.0 as the team under CEO John Ray III works on bid process letter, interested parties, onboarding market makers, and FTX Japan relaunch.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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