The fallen cryptocurrency exchange – FTX is on its journey to restart itself under the new leadership of CEO John J Ray III. John stated that he is investigating the plans to restart the exchange which was down since November 2022.
Many high officials have been accused of fraudulent activities at FTX. However, the client base still applauds the company’s technology and suggested that the company still has a potential reboot system that may benefit its clients. John has now established a team to investigate the probability of relaunching FTX.com which is the primary international exchange operated by the company.
John also plans to improve security, and customer experience and expand its asset range available on FTX. He also plans to invest heavily in state-of-the-art security measures and hire risk management to continuously monitor and upgrade the system. In addition to that, new features and tools will be introduced to make the platform more user-friendly and easily access information.
Previously John and SBF had disagreements on whether or not FTX should have filed for Chapter 11 bankruptcy in 2022. SBF has criticized John’s approach while dealing with the situation. John stated that SBF’s remarks were “unhelpful and self-serving”
In a recent development, the team has located $5 billion in cash and liquid cryptocurrencies. John termed this as a “Herculean effort” to sort the business’s finances. The price of FTX’s native cryptocurrency, FTT, is currently being traded at $2.41, representing an increase of 34% in the past 24 hours and a 68% jump during the last seven days.
It remains to be seen whether or not Ray’s plans for FTX will come to fruition, but many in the crypto industry are optimistic about the exchange’s future under his leadership.
Sam Bankman Fried Responds to John’s Statement
Sam Bankman Fried – Ex-founder of FTX – has shared his thoughts on the new CEO John J. Ray III’s recent statement about the potential restart of the exchange. He said that he is happy that John is encouraging the idea of restarting FTX even though he was previously not in terms with it. Sam also stated that he is waiting for John to acknowledge the fact that the FTX US branch is financially stable and can return the money to the customers.