FTX CEO John Rayy wants to restart the crypto exchange. The price of the FTT token surged on the news.
WASHINGTON, DC - DECEMBER 13: John J. Ray III, CEO of FTX Group, testifies during the House Financial Services Committee hearing titled Investigating the Collapse of FTX Part I, on December 13, 2022 at the U.S. Capitol in Washington, DC. Ray took over the FTX after the resignation of Sam Bankman-Fried. (Photo by Nathan Howard/Getty Images)

Have You Tried Turning It Off and On Again? FTX’s New CEO May Want to Restart the Exchange

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Midway through November last year, the world’s then-fourth-largest cryptocurrency exchange, FTX collapsed in on itself leaving more than 1 million customers from around the world unable to access their funds.

To this day, more than US$10 billion remains stuck on FTX, with various regulatory officials looking for new ways to pick through the rubble of the now-defunct exchange in a bid to get some of that money back into the hands of its unlucky investors.

Now, the exchange’s new CEO John Ray III, who was appointed to ensure that the billions of dollars of funds are eventually returned to creditors, says that restarting FTX might actually be a good method for doing so.

FTX CEO sends FTT price surging
John Ray III, CEO of FTX meets Rep. Al Green before testifying during the House Financial Services Committee via Getty Images.

According to a Thursday report from the Wall Street Journal John Ray said that “everything is on the table”, as he weighed up the idea of reviving the collapsed exchange compared to liquidating all of the assets and selling off the platform and its subsidiaries. 

Despite facing more than 100 years in prison and staring down a litany of fraud charges from three seperate government agencies, FTX’s former CEO, Sam Bankman-Fried (SBF) made a very odd tweet, where he attacked Ray for not admitting the possibility of rebooting the exchange sooner.

Audaciously, SBF claimed that he’s “still waiting for [John Ray] to give customers their money” and wants the new CEO to admit that the US arm of the collapsed exchange is still solvent.

While SBF remains strangely adamant that no fraud was ever intentionally committed through FTX, both Caroline Ellison, the former-CEO of FTX’s sister hedge fund Alameda Research and FTX cofounder Gary Wang have both plead guilty to charges of fraud and currently are cooperating with investigators in exchange for reduced punishment.

As a result of the ongoing cooperation between Ellison and Wang, the bankruptcy proceedings have discovered more than US$5 billion in liquid assets at FTX.

Staying true to the volatile nature of cryptocurrency trading, the price of the collapsed crypto exchange’s native FTT token surged more than 40% on the back of the news, spiking from US$1.80 to just over US$2.60 in a matter of hours.

FTT token price
The price of the defunct exchange’s FTT token surged 46% following the news of a potential FTX reboot.