New FTX CEO claims crypto exchange could restart operations
Christopher Hutton
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The man who took over FTX after the company’s collapse under Sam Bankman-Fried said that he could reopen the crypto exchange in the near future.
John Ray said that he has set up a task force to investigate what it would take to restart FTX’s exchange software. While the service’s former employees are under federal investigation, some say that its superior technology could give it a chance at a return.
“Everything is on the table,” Ray told the Wall Street Journal. “If there is a path forward, then we will not only explore that, we’ll do it.”
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Ray is also looking into whether this restoration of service would provide sufficient value for stockholders compared to the dissolving of the company or the sale of assets.
Ray testified before Congress on Dec. 13, addressing the company’s poor handling of consumer finances. He said that the company used simple office tools such as QuickBooks and Slack for managing billions of dollars in investments and lacked basic management information, such as where it stored its customers’ crypto assets and cash.
The new FTX CEO has clashed with Bankman-Fried since the company’s collapse. Bankman-Fried slammed Ray, arguing that Ray had poorly handled the company and that he should not have filed for Chapter 11 bankruptcy.
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FTX has recovered more than $5 billion in assets, according to the lawyers overseeing the company’s bankruptcy dealings. Bankman-Fried also claimed that the company’s U.S. branch is “fully solvent” but denies any involvement of hackers stealing crypto from the company.