• John J. Ray III, the new head of FTX, is exploring the possibility of restarting the bankrupt crypto exchange.
• Ray was previously involved in Enron’s restructuring and said customers have praised FTX’s technology, despite the accusations of criminal misconduct against former CEO Sam Bankman-Fried and other executives.
• Ray made the comment in his first interview since taking over FTX in November.
John J. Ray III, the new head of cryptocurrency exchange FTX, has said that a revival of the bankrupt platform may be possible. In his first interview since taking over FTX in November, Ray told the Wall Street Journal that he is looking into the possibility, with “everything on the table” ahead.
Ray, who previously worked on Enron’s restructuring, added that customers have lauded FTX’s technology, despite the accusations of criminal misconduct against former CEO Sam Bankman-Fried and other executives. “If there is a path forward on that, then we will take it,” said Ray, who believes that the exchange’s technology may be worth saving.
FTX was founded in 2019 and quickly became one of the largest crypto exchanges in the world. The exchange was known for its innovative products and services, such as leveraged trading and futures contracts. However, in December of 2020, FTX was forced to file for bankruptcy after a series of legal issues and alleged mismanagement.
Since then, the exchange has been in a state of limbo as creditors and regulators try to figure out how to proceed. Ray believes that he may be able to revive the platform, and is currently in talks with creditors and regulators. He is also reportedly looking into the possibility of restructuring the exchange to make sure it meets all relevant regulations.
Ray is not the only one who believes that FTX can be saved. Many investors and analysts have said that the exchange has a lot of potential and can be a major player in the cryptocurrency space if it is properly managed.
It remains to be seen whether or not the exchange will be able to make a comeback, but Ray’s comments show that he is not giving up on the platform without a fight. If he is able to get the creditors and regulators on board, then FTX could be back in business in the near future.