According to a recent court filing, FTX, the crypto exchange that filed for bankruptcy last year, is working on a plan to relaunch its operations under a new name: FTX 2.0
Court Documents Show an FTX Reboot Could Be in the Works
According to a recent court filing, FTX, the crypto exchange that filed for bankruptcy last year, is working on a plan to relaunch its operations under a new name: FTX 2.0. The filing reveals that John Ray III, the new CEO of FTX, has been busy meeting with creditors and debtors to discuss the best way to restructure the exchange and repay its debts.
The filing also states that Ray has been preparing the materials needed for rebooting the exchange, which could happen by the second quarter of 2024. Ray first announced his intention to revive FTX in January, after discovering that the exchange had $5.5 billion in liquid assets. In April, he reported that the amount had increased to $7.3 billion.
The news of FTX 2.0 has sparked mixed reactions in the crypto community. Some have praised Ray for his efforts to restore the exchange and provide a fair outcome for its creditors. Others have criticized the exchange for its fraudulent practices and accused it of harming the industry. The price of FTX's native token, FTT, has also surged by more than 13% following the announcement.
