FTX Crypto Exchange Set for Possible Revival, Boosts FTT Token Price

• FTX CEO John J. Ray III is considering reviving the crypto exchange by exploring the possibility of rebooting the exchange
• A task force has been set up to determine if this would bring more value to the exchange’s customers than liquidating the assets or selling the exchange
• The news has boosted the price of FTT – the crypto exchange’s token

In an interview with the Wall Street Journal, FTX CEO John J. Ray III announced that he is exploring the possibility of bringing the dead crypto exchange back to life. The exchange – FTX.com – was operating on a global level when it suddenly filed for bankruptcy in November 2022 after customers started withdrawing their assets from the platform aggressively. This led to the resignation of Sam Bankman-Fried – founder of FTX – from the post of CEO, and the role was assigned to John J. Ray III, the American lawyer who oversaw the liquidation of Enron.

In the latest interview, the new CEO stated that a task force has been set up to revive the crypto exchange as its technology received a positive response from the customers. The team is currently looking into whether this move would bring more value to the exchange’s customers than liquidating the assets or selling the exchange. Ray added that „If there is a path forward on that, then we will not only explore that, we’ll do it.“

The news of FTX’s possible revival has been met with positive feedback from the crypto community and has boosted the price of FTT – the crypto exchange’s token. According to CoinMarketCap, the token was trading at $2.24 at press time and had seen an increase of over 25% in the last hour. In addition, the coin’s value has increased by over 60% in the past seven days.

However, Ray also commented on the recent claims made by the former CEO – Sam Bankman-Fried. He remarked that SBF’s statement was unhelpful and dismissed the need for having a conversation with him. Ray also added that the task force is currently looking into the technical capabilities and other potential features that could be added to the exchange. This could help revive the crypto exchange and make it more accessible to customers.

At the moment, the exact timeline for the revival of the exchange is yet to be announced. However, with the news of the potential revival, the crypto community is hopeful that FTX will make a comeback and become a major player in the crypto market.