Bankrupt crypto exchange FTX's new CEO and chief restructuring officer, John J. Ray III, has announced that the firm started talks with investors about backing a potential relaunch of the exchange. The CEO said they are actively seeking interested parties to restart FTX.com. A potential relaunch is expected to happen through structures like a joint venture. - Ray's announcement came two months after FTX attorney Andy Dietderich revealed that the company was assessing the possibility of relaunching the exchange with its stakeholders.
- At the time, Dietderich also said that a possible restart would require a significant amount of capital.
- Since then, the bankrupt firm has filed many legal motions to recover funds from several entities, including the bankrupt crypto lender Genesis.
- A recent report from FTX's new management pointed out that the firm recovered around $7B in liquid assets so far.
- The relaunch plans were also confirmed through a staffing and compensation report filed with the U.S. Bankruptcy Court for the District of Delaware in May.
Before the bankruptcy, FTX was the third-largest crypto exchange. - The company filed for Chapter 11 bankruptcy in November 2022, with all the 130 entities under the roof of FTX Group, following the claims that the former CEO, Sam Bankman-Fried (SBF), used customer funds in FTX to compensate for losses at the sister company Alameda Research.
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