• According to the Wall Street Journal, the new head of FTX, John J. Ray III, is exploring the possibility of reviving the bankrupt crypto exchange.
• Ray previously handled Enron’s restructuring and said that customers have lauded FTX’s technology and said it could be worth reviving the exchange.
• Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
John J. Ray III, the new head of crypto exchange FTX, is looking into the possibility of reviving the company which recently filed for bankruptcy. In an interview with the Wall Street Journal, Ray said that despite the accusations of criminal misconduct against former CEO Sam Bankman-Fried and other executives, customers have praised FTX’s technology and said it could be worth reviving the exchange.
Ray is no stranger to reviving defunct companies, as he previously handled Enron’s restructuring. He told the Wall Street Journal that “everything is on the table” when it comes to FTX and that he is considering all options, including restarting the exchange.
FTX has been a major player in the crypto market since its launch in 2019. The company quickly grew and gained a reputation for its innovative products and strong customer service. However, in December 2020, FTX filed for bankruptcy following allegations of criminal misconduct by Bankman-Fried and other executives.
The bankruptcy filing sent shockwaves through the crypto community, as many investors have lost money due to the closure of the company. However, Ray is optimistic that FTX could be revived and said that the technology is still sound. He is currently exploring a variety of options to get the exchange back on its feet and is looking for potential partners to help him do so.
Ray is also planning to attend the most important conversation in crypto and Web3, taking place in Austin, Texas, in April 2021. He hopes to use this opportunity to discuss the potential of reviving FTX and to meet with potential partners.
No matter what the outcome of Ray’s efforts, one thing is certain: the crypto community will be keeping a close eye on FTX’s journey back to life.