New FTX CEO Says Bankrupt Crypto Exchange Could Restart Business: Report

FTX's native token FTT surged nearly 30 percent after the disclosure.

New FTX CEO Says Bankrupt Crypto Exchange Could Restart Business: Report

Bankman-Fried has been accused of stealing billions of dollars from FTX's customers

Highlights
  • The crypto exchange filed for bankruptcy last year
  • John Ray took over the reins of FTX in November
  • Bankman-Fried has pleaded not guilty to fraud charges
Advertisement

Bankrupt crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray told the Wall Street Journal on Thursday.

Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company's main international exchange, he said in an interview with the WSJ.

The CEO also told the Journal that he would look into whether reviving FTX's international exchange would recover more value for the company's customers than his team could get from simply liquidating assets or selling the platform.

FTX's native token FTT surged nearly 30 percent after the report.

"I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!" FTX founder and former CEO Sam Bankman-Fried said in a tweet.

"I'm still waiting for him to finally admit FTX US is solvent and give customers their money back," Bankman-Fried added.

A legal representative for FTX did not immediately respond to a Reuters request for comment.

Bankman-Fried has been accused of stealing billions of dollars from the exchange's customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research. He has pleaded not guilty to fraud charges.

The future of customer funds, however, remains unclear. Earlier this week, FTX said in a report to creditors that hackers stole about $415 million (roughly Rs. 3,369 crore) in crypto from its international and US exchanges since its bankruptcy in November.

© Thomson Reuters 2023


Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Meta Fined $5.9 Million by Irish Regulators for WhatsApp Data Protection Breach
OnePlus 11R Price in India, Configuration Options Tipped Ahead of Launch: All Details
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »