FTX CEO says he’s looking to relaunch exchange: report

John Ray, who took over as CEO of cryptocurrency exchange FTX before it filed for bankruptcy, has reportedly set up a task force to look into relaunching FTX.com.

According to a January 19 Wall Street Journal report, Ray said Everything was “on the table” when it came to the future of FTX.com, including a possible way forward with relaunching the exchange. FTX Trading, doing business as FTX.com, was one of approximately 130 companies under the FTX Group that Filed for Chapter 11 bankruptcy In November 2022.

Ray was reportedly considering reviving the crypto exchange as part of efforts to make consumers whole. FTX reported on January 17 that it had About $5.5 billion was identified. In its investigation of liquid assets, its top 50 creditors owed more than $3 billion. According to the FTX CEO, he considered feedback from some stakeholders who saw the exchange as a “viable business”.

The collapse of FTX and subsequent criminal charges for several executives sent ripples through the crypto space in 2022. Former Alameda Research CEO Carolyn Ellison and FTX co-founder Gary Wang have pleaded guilty to fraud charges, while Ray’s predecessor, Sam, has pleaded guilty to bank chiefs. vehemently denied many of the allegations. against it. He pleaded not guilty and is scheduled to appear in court for his trial in October.

Related: US officials started the page to inform alleged victims of FTX about SBF’s case.

Ray was reportedly helped by Wang and Ellison to track down some of the company’s assets, but has often traded barbs with Bankman Freud. The former CEO claimed that he was pressured by the law firm Sullivan & Crowell and FTX US General Counsel to name Ray as head of FTX before the firm’s bankruptcy. Ray also states that Bankman Freud is no more. There is a role in the exchange And cannot speak for him.

“We don’t need to communicate with him,” Ray said, reportedly referring to Bankman Freud. “He didn’t tell us anything I didn’t already know.”

The SBF said in a Jan. 12 post on FTX’s “post-mortem review” that if the exchange is “rebooted,” it is possible that customers with assets on hand could be compensated. The team handling the bankruptcy proceedings and Bankman-Fried, along with the former CEO, have publicly disagreed over the methods used to calculate FTX’s balance sheet. Claiming FTX US was “perfectly solvent”.