New FTX CEO claims the bankrupt crypto exchange could reopen trends now
The new chief executive of FTX, who took control of the bankrupt crypto exchange from disgraced founder Sam Bankman-Fried, has raised the possibility of reviving the business.
John J. Ray III, a respected attorney who oversaw the liquidation of Enron and took over FTX in November, raised the possibility in surprising remarks to the Wall Street Journal on Thursday.
'Everything is on the table,' said Ray. 'If there is a path forward on [reopening the FTX exchange], then we will not only explore that, we'll do it.'
The implosion of FTX last fall left clients and investors out billions, and Bankman-Fried facing criminal charges alleging that he misappropriated funds to prop up his hedge fund and make lavish real estate purchases and political donations.
FTX CEO John J. Ray III, who took control of the bankrupt crypto exchange from disgraced founder Sam Bankman-Fried, has raised the possibility of reviving the business
The implosion of FTX last fall left clients and investors out billions, and Bankman-Fried (center) facing criminal charges alleging that he misappropriated funds
In the aftermath, Ray has been tasked with guiding the company through bankruptcy and identifying and securing assets that can be used to compensate creditors, whose claims against the company total in the billions.
Ray told the Journal he has set up a task force to explore restarting FTX.com, the company's main international exchange.
The task force is examining whether reviving the exchange would recover more value for the company's customers than his team could get from simply liquidating assets or selling the platform.
Bankman-Fried, the founder and former CEO of FTX, has been accused of stealing billions of dollars from the exchange's customers to prop up his crypto-focused hedge fund, Alameda Research. He has pleaded not guilty to fraud charges.
The future of customer funds, and how much might be returned to clients who lost their deposits, remains unclear.
'Crime is very expensive. It does a lot of damage to people,' Ray told the Journal. 'And one of the damages is that people like me have to come in and fix it.'
Court filings show that Ray is making $1,300 an hour for his work overseeing the FTX bankruptcy. That money, and other fees involved in
