FTX Exchange Reviving? New CEO Explores Possibility After Price Spike

• FTX crypto exchange filed for bankruptcy in November 2022
• The new CEO, John J. Ray III, is looking into the possibility of rebooting the exchange
• The price of FTT – the exchange’s token – has increased by over 60% in the past seven days

FTX, a global crypto exchange, filed for bankruptcy in November 2022 after customers started withdrawing their assets from the platform aggressively. With this, Sam Bankman-Fried – founder of FTX – resigned from the post of CEO and assigned the role to John J. Ray III, the American lawyer who oversaw the liquidation of Enron.

In a recent interview with the Wall Street Journal, Ray revealed that he is considering bringing the dead crypto exchange back to life. He mentioned that a task force has been set up to investigate the possibility of reviving the exchange, as its technology received a positive response from the customers. The team is looking into whether this move would bring more value to the exchange’s customers than liquidating the assets or selling the exchange. Ray added that „If there is a path forward on that, then we will not only explore that, we’ll do it.“

The news of the potential revival of FTX has boosted the price of FTT – the exchange’s token. According to CoinMarketCap, the token was trading at $2.24 at press time and had seen an increase of over 25% in the last hour. In addition, the coin’s value has increased by over 60% in the past seven days.

Ray also commented on the recent claims made by the former CEO – Sam Bankman-Fried. He remarked that SBF’s statement was unhelpful. He also dismissed the need for having a conversation with the former chief.

Overall, the revival of the crypto exchange is still uncertain. However, it is clear that the new CEO is hoping to bring more value to FTX’s customers by exploring the possibility of restarting the exchange.