Can FTX Exchange really get back to business?

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The current CEO of FTX considers reopening the exchange. Some experts consider this option unlikely. At the same time, the FTT token price rises by more than 30%.

Under the incredulous eyes of the entire cryptocurrency world, the new CEO of FTP extensionJohn Ray, recently stated that FTP extension – a well-known bankrupt cryptocurrency exchange – is looking into the possibility of relaunch your business. After this declaration, the token ftt was subjected to a strong speculation and the price rose more than 30%. former CEO SBF he was pleased with Ray’s statement, again stating that FTX US never had any real illiquidity problems.

Can FTX Exchange really get back to business?

The current CEO of FTX, John Ray, would have said in an interview with the Wall Street Journal that the exchange could recover more value restarting your business rather than simply liquidating assets. Apparently, in fact, a task force was created to discuss the possibility of an FTX.com reboot. Ray said the foreign exchange business could still be a viable business. Sam Bankman-Friedfounder of FTX, was happy with the statements of the current CEO, sharing via twitter your approval.

Despite this, many specialists still skeptics on the possibility of reopening the exchange: Chapter 11 companies generally explore all recovery plans , which may make this alternative less likely than others. Additionally, Bankman-Fried has been charged with a number of crimes, including electronic fraud and that’s why many think that the customer trust it is now unrecoverable.

Likewise, John J. Ray III has done a great job with FTX since taking office. Indeed, despite the disorganization of the previous management, the current CEO seems to be managing the company’s funds, reigniting a spark of hope among the creditors of the bankrupt exchange. In fact, Ray was able to recover activities to 5 billion dollars in cryptocurrencies, even if they seem to have a low degree of liquidity.

The price of FTT, FTX token, is on the rise

The wild west of cryptocurrencies continues and after the news of John Ray’s declaration the price of ftt It is increased of more than 30% until reaching the level of $2.60. FTT was one of the main assets that made up the FTX balance sheet and also the token used as Warranty from Alameda Search obtain additional capital for your business. Although according to some tweets from SBF FTX US it is creditable, the exchange is currently in bankruptcy.

For this reason, many wonder not only why the FTT token remains listed, but also why it is used by investors as a tool to speculation in connection with the dynamics about FTX.

Source: Money It

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