FTX CEO John Ray creates taskforce to explore restarting exchange

CEO John Ray stated that ‘everything is on the table’ and if there is a path forward, FTX will explore it.

1 min read
Updated: January 19, 2023 at 5:44 pm FTX CEO John Ray creates taskforce to explore restarting exchange

Cover art/illustration via CryptoSlate

FTX CEO John Ray III is investigating the possibility of relaunching the now-defunct cryptocurrency exchange, The Wall Street Journal reported Jan. 19. 

The CEO told the Journal that he had created a task force to investigate relaunching FTX.com, the company’s primary international exchange. He said:

“Everything is on the table. If there is a path forward on that, then we will not only explore that, we’ll do it.”

While FTX officials have been accused of criminal activity, several clients have praised the company’s technology, suggesting that it might warrant a reboot, according to Ray.

On Nov. 11, 2022, FTX filed for bankruptcy, leading to  a significant downturn in the crypto market. Investors, customers, and lenders all suffered losses exceeding $10 billion due to the collapse.

However, FTX announced on Jan. 11 that it had recovered over $5 billion worth of funds comprised of cash, investments, and liquid cryptocurrencies.

Following the recent update, FTT, the native token of FTX, grew by 37% within a few hours.

Journalist at CryptoSlate

Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.

Posted In: FTX, Bankruptcy, Bear Market, Exchanges, Featured

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Source: cryptoslate.com