FTT Soars FTX Considers Reopening of Cryptocurrency Exchanges

Will virtual currency exchanges reopen?

John J. Ray, CEO of the bankrupt crypto asset (virtual currency) exchange FTX, is considering whether the exchange can be reopened. The Wall Street Journal (WSJ), which interviewed him, reported on the 19th.

The global version of FTX is considering resuming services. Ray created a special team to investigate whether relaunching FTX could bring back more value for customers than simply liquidating assets or selling the platform. It is said that there is

Ray said that while FTX executives have been criticized for their criminal behavior, some customers have praised FTX’s technology and suggested that the platform’s relaunch could create value. going up “If there is a way, we will do it, not consider it,” he said.

In response to this report, former CEO Sam Bankman-Fried, who is awaiting trial, commented, “I’m glad that Mr. Ray finally said something in favor of reopening the exchange.” “I am also waiting for Mr. Lay to confirm that FTX US has the ability to pay its debts and return assets to its customers,” he said.

I’m glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!

I’m still waiting for him to finally admit FTX US is solvent and give customers their money back…https://t.co/XjcyYFsoU0https://t.co/SdvMIMXQ5K

—SBF (@SBF_FTX) January 19, 2023

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The price of FTX’s exchange token, FTT, rose after the WSJ reported that FTX may be resuming. According to CoinGecko data, the price was $2.27 at the time of this writing, up 28% over 24 hours.

What is FTX

In addition to the global version, the virtual currency exchange that operated the US version “FTX US” and the Japanese version “FTX Japan”. Since its establishment in 2019, it has rapidly made a name for itself and has grown into a major exchange after Binance, the largest exchange in the industry. After that, it went bankrupt and filed for bankruptcy in November last year.

Cryptocurrency Glossary

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FTX status

Ray, who took over as CEO following the FTX bankruptcy, has experience overseeing bankruptcies of US energy company Enron and others. “I’ve never seen such a lack of corporate control at every level of the organization,” he said of FTX’s sloppy management.

The WSJ is believed to be the first time Wray has given an interview since becoming CEO. Recently, he has been working hard to find out how much assets FTX has left, and to sell some businesses such as FTX Japan. Last week, it was revealed that FTX had identified and recovered approximately ¥660 billion (about $5 billion) in assets.

Relation: FTX secures 660 billion yen in assets

In Japan, attention is focused on the situation of FTX Japan. On the 19th, FTX Japan announced a new guidance regarding the return of customer assets.

In the announcement, it was explained that “FTX Japan and Liquid Japan currently plan to resume withdrawals and withdrawals of fiat currencies and virtual currencies in February 2023.” The specific date and time will be announced as soon as it is decided.

“Information regarding return of assets to FTX Japan and Liquid Japan customers” has been posted. Please check here. https://t.co/5WWBE8MGSj

— FTX Japan (@FTX_JP) January 19, 2023