HomeCrypto NewsExchangesSBF Reacts to Ray's Intent on Restarting FTX

SBF Reacts to Ray’s Intent on Restarting FTX

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FTT Rallies by 34% as Ray Discloses Intent to Restart FTX.

The asset staged its latest 34% rally in under 2 hours.

FTX Token (FTT), the native token of bankrupt exchange FTX, has rallied by 34% amid comments from John J. Ray III, the bankruptcy exchange’s current CEO, on plans to rejuvenate the collapsed platform. The asset’s latest 34% increase materialized in under 2 hours.

Throughout today, FTT had been consolidating between the $1.7 and $1.8 price points after crashing from the high of $2.1 yesterday. The asset had been caught in a bearish storm with the rest of the crypto market, as it traded at $1.8 until 15:40 (UTC) today when reports of CEO Ray’s plans to resurrect the exchange started gaining ground.

The asset suddenly embarked on a rally which saw it surge by 34% to a high of $2.4 before slightly retracing to its current value of $2.35 at the time of reporting. With a current 24-hour increase of 29%, the asset is bucking the trend at a time when the rest of the markets are facing a bearish retracement following the recent rally that led to 2-month highs. It remains one of the highest gainers among all mainstream assets in the past 24 hours.

Plans to Revive FTX.com

In a recent interview, Ray had revealed an intent to restart FTX.com, the primary international exchange for the FTX ecosystem, per a report from Wall Street Journal. According to him, a task force has been established to look into the possibility of resurrecting the exchange as efforts are underway to settle aggrieved creditors.

“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 remarked, speaking on the plans. He noted that restarting the exchange could help bring in more funds for FTX’s customers than they could realize from selling off the platform and its assets. Nonetheless, he disclosed that this isn’t certain, and they are currently looking into it.

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He further revealed that some of FTX’s customers have mentioned that the technology behind the platform in itself is admirable, and rejuvenating it could be beneficial. Ray’s comments come barely two weeks after the DoJ seized 55 million Robinhood shares linked to FTX as bankruptcy proceedings progress.

SBF Reaction

SBF has reacted to the recent disclosure from Ray, noting that the latter is only paying lip service to the rejuvenation of the exchange. According to him, Ray had been working against such efforts to resurrect the platform for months. He further said that he wants Ray to admit that FTX US is solvent.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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