United

Tribe

Read

<p class="is-style-lead">Under the guidance of CEO John Ray III, FTX unveiled resurrection plans in a new project known as FTX 2.0. </p>



<p>Documents recently filed in the United States Bankruptcy Court for the County of Delaware provide insight into the comprehensive planning and execution of the relaunch by John Ray III and his team.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">FTX CEO John Ray III confirms FTX 2.0 plans. <a href="https://t.co/FeCXOvdrt0" target="_blank">pic.twitter.com/FeCXOvdrt0</a></p>&mdash; FTX 2.0 Coalition (@AFTXcreditor) <a href="https://twitter.com/AFTXcreditor/status/1660753728792584195?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 22, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Ray invoiced the company&#8217;s bankruptcy estate for over $290,000. FTX also paid an extra $1.3 million to other workers who took over the exchange and were responsible for the insolvent division.</p>



<p>The filing showed that Ray was actively involved in developing the strategy for FTX 2.0, even though he claimed to spend most of his time on administrative and legal matters.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/ftx-seeks-to-reclaim-over-240m-in-controversial-acquisition-of-embed/" class="cn-block-related-link__link">
            FTX seeks to reclaim over $240m in controversial acquisition of Embed        </a>

    
</div>


<p>Lawyers for FTX in bankruptcy court, Sullivan &amp; Cromwell, revealed last month that the CEO had been busy with several projects, including advising cybersecurity firm Sygnia on how to improve its global cryptocurrency platform, reviewing the terms sheet for the exchange&#8217;s restructuring plan, investigating the steps required to relaunch the platform, and finalizing the FTX 2.0 document for distribution to potential investors.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="IS FTX EXCHANGE MAKING A COMEBACK 🤔" width="1020" height="574" src="https://www.youtube.com/embed/-jvRjws65M4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>According to the court documents, John Ray III researched possible buyers for FTX 2.0. Particularly noteworthy is the interest of venture finance company Tribe Finance in reviving the defunct <a href="https://crypto.news/learn/what-is-a-cex-a-beginners-guide-to-centralized-crypto-exchanges/">crypto exchange</a>.</p>



<h2 class="wp-block-heading" id="ftt-rallies-ahead-of-reports">FTT rallies ahead of reports</h2>



<p>The native token of FTX, FTT, saw an 8% increase to trade at $1.08 as of press time, down from a high of $1.16, as the news of FTX&#8217;s resurrection and ambitious aspirations spread. Refreshed faith in FTX&#8217;s potential under the new FTX 2.0 architecture has been reflected in the market.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1402" height="792" src="https://crypto.news/app/uploads/2023/05/FTT_7D_graph_coinmarketcap.jpeg" alt="FTT 24-hour chart | Source: CoinMarketCap" class="wp-image-14159919"/><figcaption class="wp-element-caption">FTT 24-hour chart | Source: <a href="https://coinmarketcap.com/currencies/ftx-token/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a></figcaption></figure>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/ftxs-bankman-fried-challenges-law-firms-role-in-prosecution/" class="cn-block-related-link__link">
            FTX’s Bankman-Fried challenges law firm’s role in prosecution        </a>

    
</div>

FTX unveils FTX 2.0 strategy, FTT token surges 17% surge

Table of Contents

crypto.news

Other articles published on May 23, 2023

Authorized volume of cryptocurrencies by our governments: Apple and Google, real loopholes?

Solana first layer 1 blockchain to incorporate AI via ChatGPT

Avely Finance launches liquid staking on Zilliqa mainnet

Big Banks Will Custody Bitcoin; Says MicroStrategy's Michael Saylor

MetaMask Clarifies: No Taxes Being Collected from Crypto Users

XRP sees week of stellar gains rising 9%

Join our free newsletter for daily crypto updates!