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The fallen cryptocurrency exchange FTX and its Unsecured Creditors Committee (UCC) announced its plan to reorganize and launch a new project called FTX 2.0.
On May 23, the exchange <a href="https://crypto.news/ftx-unveils-ftx-2-0-strategy-ftt-token-surges-17-surge/" rel="noopener noreferrer nofollow">revealed</a> its initial plan to relaunch the project with its new CEO, John Ray III. FTX has already filed the necessary documents to the US Bankruptcy Court of Delaware.&nbsp;
Moreover, the exchange’s CEO has already <a href="https://crypto.news/ftx-engages-in-talks-to-bring-back-international-crypto-exchange/" rel="noopener noreferrer nofollow">confirmed</a> to the FTX.com platform, the international crypto trading arm of FTX Trading Ltd.&nbsp;
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 The <a href="https://twitter.com/FTX_Committee?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@FTX_Committee</a> made a statement on John Ray's plan of reorganisation. Worth reading in full. Apparently, UCC input was ignored. They make the following demands: 1. The UCC should select who runs FTX 2.0 2. Restart &amp; Recovery Token 3. Earn interest on $2.6B cash holdings <a href="https://t.co/GmyFYe1mgH" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/GmyFYe1mgH</a>— FTX 2.0 Coalition (@AFTXcreditor) <a href="https://twitter.com/AFTXcreditor/status/1686237674112200704?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 1, 2023</a>
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According to a tweet by an FTX creditor, the filing suggests that UCC has to appoint someone to run FTX 2.0 while hinting at a relaunch or recovery token. Per the tweet, the Committee has already requested the debtors to earn interest on their $2.6 billion cash holdings.
You might also like: <a href="https://crypto.news/ftx-and-genesis-reach-settlement-in-bankruptcy-case/" rel="noopener noreferrer nofollow"> FTX and Genesis reach settlement in bankruptcy case </a>
However, the recent filing suggests that the debtors have ignored the Committee’s plan. The creditor called John Ray III’s plan of not putting the “$2.6 billion cash in short-term treasuries” as “idiotic.”
Last week, representatives from FTX and the bankrupt crypto trading company Genesis <a href="https://crypto.news/ftx-and-genesis-reach-settlement-in-bankruptcy-case/" rel="noopener noreferrer nofollow">disclosed</a> to Judge Lane of the US Bankruptcy Court that both parties are ready to settle their legal case.
As the news around FTX’s reorganization plan emerged, FTX Token (FTT) witnessed a sudden spike in an hour.
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 FTT price – Aug. 1 | Source: <a href="https://coinmarketcap.com/currencies/ftx-token/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
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FTT is up by 7.65% in the past 24 hours, trading at $1.44 at the time of writing. According to data provided by CoinMarketCap (CMC), the asset’s 24-hour trading volume surged by over 400%, reaching $43 million.
Read more: <a href="https://crypto.news/ftxs-former-ceo-sbf-allegedly-leaked-ex-lovers-diary/" rel="noopener noreferrer nofollow"> FTX’s former CEO SBF allegedly leaked ex-lover’s diary </a>

FTX reorganization plan announced, FTT rallies

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