The Wall Street Journal reported on June 28 that John Ray, the new head of FTX stated the company had started its process of contacting potential partners for the revival of the FTX.com exchange.
FTX CEO is in Talks with Investors
Notably, FTX employed John J. Ray III to fix the damage after SBF gave up his position. For the past few months, he has been hunting for resources within the company to make up for its failings.
According to reports, the company is in contact with investors on how to finance a prospective comeback. One of the companies that was interested in the whole thing is the blockchain lending firm, Figure.
Fresh Launch Expected in Q2, 2024
The lawyers working for FTX stated in April that they anticipate that the fresh launch is expected to be finished some time in the second quarter of 2024. In fact, the sources claimed that the present creditors of the crypto exchange might receive various other forms of reimbursement in addition to a stake in the reorganized cryptocurrency exchange.
FTX to Launch Under a Different Name
Furthermore, it seems likely that FTX is going to decide to relaunch as a company with another name rather than adopting the name “FTX 2.0” or a different version of ‘FTX’.
The new CEO of the bankrupt bitcoin exchange already discussed restarting the business at the beginning of the year. In an interview with The Wall Street Journal on January 19, Ray disclosed that he had established a task team to look into the possibility of relaunching FTX.com in order to recover more value for the company’s creditors.
Recovery of Funds
The exchange had also been working with the current CEO to recover $40 million that SBF had given to political parties and nonprofit organizations that supported the Democrats in the 2022 election cycle.
Meanwhile, Katherine Stadle’s recent report on high costs and bills faced by the bankrupt business found that attorneys’ fees are not “wholly unreasonable at the moment” because “very few firms could have accomplished what these professionals accomplished in 90 days.”