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Bankrupt-FTX’s CEO holds meeting to reboot FTX exchange under new name

Bankrupt-FTX's CEO holds meeting to reboot FTX exchange under new name 13

The current FTX CEO officially confirmed that he is working his best to bring the FTX crypto exchange back to life.

FTX was a popular crypto exchange, which was headquartered in the Bahamas. In Nov 2022, the exchange filed for bankruptcy in the US on behalf of FTX subsidiary FTXUS, following a huge outflow of funds from the exchange. Allegedly FTX former CEO & founder Sam Bankman-Fried (SBF) misused FTX customers’ funds for personal benefits & that resulted in a very bad outcome for the exchange’s financial position. 

On 28 June 2023, Wall Street Journal (WSJ) reported that the current FTX boss John Ray confirmed that he is engaged with the FTX Investors & interesting parties to restart the exchange.

For the new funding for the FTX exchange, the crypto lending platform Figure is interested and supporting the restart plan. There are some other crypto firms also, which are ready to invest & support the FTX reboot plan. 

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Few reports claimed that FTX creditors would potentially be offered a stake in the reorganised crypto exchange, among other forms of compensation.

As per information, FTX’s current leadership is not in the mood to use FTX or FTX2.0 name, instead, they will rebrand FTX into a new entity.

Earlier this we reported that the FTX team successfully recovered $7 billion (nearly 40% of the FTX customers & creditors funds).

Just a day ago, we reported that the FTX team stopped the liquidation of the FTX’s stake from an Artificial intelligence (AI) start-up, in which FTX & FTX subsidiary Alameda Research invested $500 Million a long time back. 

FTX token price action

FTX token (FTT) is the native token of the FTX exchange. The current trade price of the FTX token is $1.67 & this trade price is 71% high over the last 7 days of trade price.

Bankrupt-FTX's CEO holds meeting to reboot FTX exchange under new name 12

Read also: Indian Central Bank says stablecoins may harm the developing economy

Bankrupt-FTX’s CEO holds meeting to reboot FTX exchange under new name

 

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