The new CEO of FTX, John J. Ray, charged by the US courts with handling the bankruptcy of the cryptocurrency platform, which has been in bankruptcy since last November 11, and who until then had reserved his statements for the courtrooms, just released his first public interview a Wall Street Journal (WSJ). In particular, it has been suggested that the FTX exchange may soon be back in service.. A hypothesis that has not left indifferent a still raw crypto-sphere, which seems to have difficulty in agreeing to a rebirth of the hated platform. But the main mission of the new management, let us remember, is to reimburse damaged users and to use all means to achieve this.
The FTX platform may be reactivated
The new head of FTX, a bankruptcy expert – he is said to have masterfully led the liquidation of Enron, another high-profile financial scandal – has set up a task force to explore the possibility of restarting FTXwithout specifying whether it is its US division or FTX.com.
Everything is on the table. (…) If there is a road ahead, we will not only explore it, but we will walk it.
John J. Ray a WSJ
Backing up his claim, he says despite allegations of criminal misconduct against former executives, customers, who can make themselves known through a dedicated web page, continue to praise the platform's technological merits, sharing the view that it could be worth worth reviving.
More likely, the reactivation of the platform can happen if, according to John J. Ray, it benefits the affected users, bringing them more than just the liquidation of assets or the sale of the exchange itself. In fact, this strategy could potentially boost FTX's assets and bring in new liquidity.
Indeed, it is worth noting that the ITF, the platform's native token, reacted immediately to this prospect.
Is the FTT at the heart of the problems?
And, strangely, has never disappeared from the radar despite the collapse of FTX. Even better, After hitting a low on December 30 at $0,82, the price has risen by 165%.. So there are still enthusiasts (speculators) of the token, which could bode well for what could happen in terms of liquidity inflows if the platform were to be revived, and even if it weren't, as the goal is likely to increase the value of the token. Indeed, Of the 5,5 billion assets identified, including 3,5 billion in cryptocurrencies, the exchange holds a large percentage of FTTs.
However, the likelihood of small investors recovering their lost money remains minimal. First, because FTX's liabilities remain undetermined. Indeed, after filing for bankruptcy, the stock exchange reported debts between 1 and 10 billion dollars. A very wide range in which the 50 major creditors already $3,1 billion. Second, because reopening an exchange that has lost the trust of its users remains a dangerous undertaking. As a result, other than eliminating the ITF token, which can be very lucrative, it's hard to see a truly positive outcome for defrauded individuals.
