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Collapsed Crypto Exchange FTX Still Seeking Possibility of Relaunch

2023-05-24 BrokersView

According to a court document, FTX's current CEO, John Ray III, and main restructuring officer appear to be pursuing the possibility of relaunching the exchange. This is not the first time Ray has mentioned such a plan; he discussed a relaunch in a mid-January 2023 interview following the collapse of FTX.


In April, the exchange's current operators uncovered $730 million in liquid assets, and legal professionals debated a potential way to use the resumption of exchange to restructure its debt. Ray appears to have been dealing with certain organizations seeking the possibility of relaunch. For example, in April, the executive deliberated a proposal called "exchange fortification" with the cybersecurity firm Sygnia.


On April 14 and 19, Ray reviewed the "2.0 next steps" summary and the "2.0 reboot of exchange material." The court record also refers to a "2.0 bidder list," suggesting that efforts to relaunch may be sold to another crypto market participant. At a billing rate of $1,300 per hour, Ray accrued $290,160 for the recorded 223.2 hours of work within the compensation report.


Report reviews can cost between $390 to $5,850. According to court documents, the fee for "review and comment on 2.0 bidder list" is $650. As the news spread being spread in the Crypto community, FTT, FTX's native token, increased more than 14% in value within the past day.


On Tuesday, May 23, FTT was trading at prices ranging from $0.992 to $1.116 per unit, with a global volume of about $26 million.