FTX Chief John Ray Says Bankrupt Crypto Exchange Can Restart: Report


Bankrupt crypto exchange FTX is exploring the possibility of reviving its business, CEO John Ray told the Wall Street Journal on Thursday.

Ray, who took over the reins in November, has set up a task force to investigate the reboot of FTX.com, the company’s main international exchange, he said in an interview with the WSJ.

According to the WSJ report, Ray examined whether reviving it would bring more value to the company’s customers than his team could get from simply liquidating assets or selling the platform.

ALSO READ  'Till' director Chinonye Chukwu calls out misogyny and racism after Oscars snub

Sam Bankman-Fried, the founder and former CEO of FTX, has been accused of stealing billions of dollars from the exchange’s clients to pay debts incurred by his crypto-focused hedge fund, Alameda Research. He has pleaded not guilty to fraud charges.

However, the future of customer funds remains unclear. Earlier this week, FTX said in a report to creditors that hackers have stolen about $415 million worth of crypto from its international and US exchanges since its bankruptcy in November.

ALSO READ  British Prime Minister Rishi Sunak arrested and fined for not wearing seatbelts