Bankrupt Crypto Exchange FTX Could Restart Operations, Says New CEO: Report

Bankrupt Crypto Exchange FTX Could Restart Operations, Says New CEO: Report

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John J. Ray III, the bankruptcy lawyer who replaced Sam Bankman-Fried as FTX CEO, is reportedly considering the idea of rebooting the beleaguered crypto exchange.

The Wall Street Journal reports that Ray has set up a task force to find out if restarting the former crypto behemoth could be a better alternative to selling its assets.

In his first interview since becoming FTX’s new boss, Ray says the company is considering all possible options to retrieve funds. His statement comes as some customers suggest that there could be value in resuming the operation of the exchange.

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

Ray was appointed to lead FTX and spearhead its restructuring process after the Bahamian exchange filed for bankruptcy in November.

FTX’s former CEO, Bankman-Fried, who is under house arrest following his eight-count indictment, responded to the report saying that he looks forward to Ray declaring that the US arm of FTX has enough liquidity to return customers’ money.

“I’m glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!

I’m still waiting for him to finally admit FTX US is solvent and give customers their money back.”

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