Acting CEO of FTX Believes FTX Can be Revived

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John Ray, the new CEO of the insolvent cryptocurrency exchange FTX, has discussed the possibility of restarting the platform.

Ray stated that he has formed a task team to investigate the possibility of reviving FTX.com in an interview with The Wall Street Journal on January 19.

He stated:

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

He further explained that he will be investigating whether restarting the fallen exchange would recover more value for the company’s creditors than his team could possibly get from just liquidating the assets or selling the entire thing so that the creditors could get as much compensation as possible.

Although the allegations of unlawful conduct resulted against former CEO Sam Bankman-Fried and other employees, Ray stated that customers have praised FTX’s technology and believe it is worthy of revival.

Ray said: “There are stakeholders we’re working with who’ve identified what they see as a viable business.”

After SBF left his position, FTX engaged John J. Ray III in an effort to clean up the damage. He has been looking for resources within the corporation for the past three months to make up for its shortcomings. However, Ray claims that because the exchange “had no record keeping whatsoever,” finding the full amount could take months.

Under the direction of the current CEO, it appeared that the exchange was attempting to recuperate $40 million that Sam Bankman-Fried, the former CEO of FTX exchange, had donated to political parties and charitable groups supporting the Democrats in the 2022 election cycle. 

However, according to a report from The Wall Street Journal, some funds have already been spent, and they went through various channels that might make it hard to get them back.

 

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