FTX advisors discuss option to reactivate operations

A few months ago the bitcoin exchange announced its bankruptcy; however, John Ray III, the new CEO of the project assured that the possibility of the platform activating its operations is being studied.

In a report shared with the U.S. media, Ray III stated that a group of advisors and specialists are considering the possibility of returning to operation at the FTX.com.

The reason for this possible reactivation? Everything seems to indicate that there are investors and users who are analyzing the resumption of operations, and even highlight the importance of the technology behind the Exchange; a resource they would not like to see lost.

“The option is on the table. If there is a possibility to reactivate operations, we will do it,” the CEO stated.

However, one of the considerations in this regard is to “assess” what is in the best interest of the users: to liquidate and sell the assets, or to resume the flow of transactions.

It’s important to remember that the Exchange is protected by Chapter 11 of the Bankruptcy Code, which allows the reactivation of businesses to cure debts.

During its peak of popularity and strength, FTX came to compete directly with Binance for the leadership of the crypto market. However, after the embezzlement scandal and the use of other people’s funds, the exchange lost its credibility.

Finally, specialists point out that, if FTX manages to reactivate its operations, the cryptocurrency community would surely reject the Exchange’s services, at least initially, due to the bad image left by the last experience it gave its users.

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

November last year, Spain attracted the world’s attention by being one of the first…
In a historic collaboration, whiskey producer Jack Daniels and Yahoo Creative Studios joined forces…