FTX’s new CEO works on restarting the exchange

John J. Ray’s financial report contains data on the work on “2.0”

23.05.2023 - 10:30

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What’s new? Data from the financial report on the work of the new FTX management confirms rumors of a possible relaunch of the bankrupt crypto exchange. For example, according to April documentation on the website of consulting firm Kroll, exchange CEO John J. Ray billed 6,7 hours of work on items related to “2.0,” which presumably means FTX 2.0. One count includes reviewing the next steps and commentary on the FTX relaunch.

Report on the Kroll website

What else is known? In January 2023, FTX’s new CEO reported that he was looking into relaunching the platform.

“Everything is on the table. If there is a path forward on that, then we will not only explore that, we’ll do it,” Ray told CoinDesk.

In April, the platform’s attorney, Andy Dietderich, also said that FTX was discussing a relaunch with stakeholders and might make a final decision soon. He noted the need for significant capital to redesign the interface, which previously did not reflect the actual flow of customer funds.

US Internal Revenue Service demands that FTX pay $44 billion in court

In total, the agency filed 45 claims against the exchange and other companies

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At the time, Bloomberg reported on Tribe’s plans to participate in the FTX relaunch, but representatives from the venture capital firm, current FTX management, and the unsecured creditors committee declined to comment on the news.

Former FTX partner Anthony Scaramucci, who heads the investment company SkyBridge Capital, questioned the possibility of restarting the exchange due to the bear market. According to him, at the moment the platforms are operating in the negative and burning the previously raised capital.

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