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Crypto exchange FTX epic comeback plan unveiled

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TL;DR Breakdown

  • The company’s restructuring chief, John Ray, has initiated the process of seeking interested parties for the reboot of FTX.com.
  • Reports suggest that FTX’s existing creditors may be offered a stake in the reorganized crypto exchange, along with other forms of compensation. 
  • The exchange’s legal team has stated that the launch of the new exchange is projected to be completed in the second quarter of 2024.

Description

Crypto exchange FTX, which recently filed for bankruptcy, is moving closer to relaunching as a new exchange. The company’s restructuring chief, John Ray, has initiated the process of seeking interested parties for the reboot of FTX.com. Potential investors, including blockchain lending firm Figure, have been in talks with the Company regarding financing the relaunch. Interested … Read more

Crypto exchange FTX, which recently filed for bankruptcy, is moving closer to relaunching as a new exchange. The company’s restructuring chief, John Ray, has initiated the process of seeking interested parties for the reboot of FTX.com. Potential investors, including blockchain lending firm Figure, have been in talks with the Company regarding financing the relaunch. Interested bidders are expected to submit Letters of Intent outlining their participation by the end of the week.

Reports suggest that the crypto exchange’s existing creditors may be offered a stake in the reorganized crypto exchange, along with other forms of compensation. The relaunched exchange is likely to undergo a rebranding and will not retain the name “FTX 2.0” or any derivative of the original name. The aim of the reboot is to ensure that creditors receive the best possible outcome in terms of repayment.

FTX relaunch

The Company’s legal team has stated that the launch of the new exchange is projected to be completed in the second quarter of 2024. However, as of June, the Company still faces a significant shortfall of nearly $2 billion. Recovering these funds has been further complicated by allegations of misuse of customer assets by key FTX executives.

Former regulatory officer Daniel Friedberg, who has been implicated in various legal proceedings, was recently sued by FTX. The lawsuit accuses Friedberg of paying “hush money” to silence potential whistleblowers, as well as authorizing fraudulent transfers and loans. Additionally, a report on the missing funds reveals alleged investments in venture capital firms, a $243 million real estate portfolio in the Bahamas, and donations to non-profit organizations

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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