Thought FTX Was Done Forever? New Court Filings Say Otherwise…

May 23, 2023 11:03 am Comments

The collapse of FTX was enormous and almost spectacular—if it wasn’t so destructive to its clients, investors, and creditors.

Recently, the FTX exchange, now a shadow of its former self, sued Sam Bankman-Fried and other former FTX executives.

This recent move makes sense within the context of the most recent developments from the now-defunct exchange.

According to new court filings, current FTX interim CEO, John Ray III, confirmed that Ray and his team are attempting to reboot FTX—FTX 2.0 is coming:

Coin Telegraph confirmed:

Ray first talked about rebooting the troubled crypto exchange in January.

At the time, news reports suggested that the bankrupt crypto exchange had discovered $5.5 billion in liquid assets, with the new CEO working with creditors on a revival plan.

In April, another report suggested the exchange had recovered $7.3 billion in assets, and the FTX team plans to restart the exchange by the second quarter of 2024.

The latest court filing document suggests a reboot plan is definitely under consideration.

According to one Twitter user, the FTT token has rallied by 13% and is now trading at around $1.13, at the time of this writing.

One FTX creditor had this to say about his continued advocacy for a rebooted FTX:

Daily Coin provided a price analysis:

FTX’s native token, FTT, has surged 8.76% in the last 24 hours, likely buoyed by the speculation surrounding the crypto exchange’s proposed reboot.

FTX’s collapse has left about 1.4 million creditors unable to access holdings placed on the crypto exchange.

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