FTX could be revived according to new CEO

FTX CEO John J. Ray III claims there is still life in FTX despite all its very public problems.

New FTX CEO John J. Ray III has hinted that the collapsed crypto exchange could be revived from the ashes with Sam Bankman-Fried insisting the company is solvent.

In his first interview since becoming CEO back in November, Ray told The Wall Street Journal (WSJ): “Everything is on the table. And if there is a path forward on that, then we will not only explore that, we’ll do it.”

Ray announced he has set up a taskforce to explore restarting FTX.com and work to return the money to the company’s customers and creditors.

This comes after former CEO Sam Bankman-Fried claimed in a blog post that FTX US remains fully solvent and should be able to return all customers’ funds.

He also targeted the company’s lawyers Sullivan & Cromwell who he says have painted an “extremely misleading” picture of its finances.

Bankman-Fried, who is currently awaiting trial for fraud and money laundering, went on to state that when Ray took over “there were billions of dollars of funding offers” and “more than $4b that came in after”.

Ray said in that interview that Bankman-Fried’s comments were “unhelpful” and “self-serving”.

Claiming Bankman-Fried’s “calculations appear to include around $250m of cash that sits at LedgerX, a regulated crypto derivatives business that FTX purchased in 2021, with funds that had been improperly diverted from customers on FTX’s international exchange.

Since the WSJ went live with its article, Bankman-Fried has taken to Twitter to quote the article and add his thoughts on the breaking news.

He tweeted: “I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!

“I'm still waiting for him to finally admit FTX US is solvent and give customers their money back…”

It remains to be seen whether FTX can viably return as a business.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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