John Ray, the new chief executive officer (CEO) of FTX, says the bankrupt cryptocurrency exchange could be revived in coming months.
In an interview with The Wall Street Journal newspaper, Ray said he has set up a taskforce to explore restarting FTX.com to help recover more value and assets for people who lost money when the company filed for bankruptcy on November 11, 2022.
A year ago, FTX was valued at $32 billion U.S., but it filed for bankruptcy last fall citing $8 billion U.S. in missing assets. Since then, about $5.5 billion U.S. of missing money and cryptocurrencies have been recovered.
Sam Bankman-Fried, the founder and former chief executive of FTX, has been accused of defrauding customers and investors to pay debts owed by his crypto-focused hedge fund, Alameda Research. He has pled not guilty to all charges.
Now, Ray says he is exploring the idea of resurrecting FTX rather than liquidating its assets or selling the platform.
However, Ray acknowledges that reviving FTX and regaining the trust of the public following its epic collapse would be difficult. Sam Bankman-Fried’s trial is scheduled to take place this October in New York City. He has been released on $250 million U.S. bail, which is believed to be the highest bail ever set by a court of law.
