New FTX Chief Says Crypto Exchange Could Restart (wsj.com) 14
FTX's new chief executive, John J. Ray III, said he is looking into the possibility of reviving the bankrupt crypto exchange as he works to return money to the failed company's customers and creditors. From a report: In his first interview since taking over FTX in November, Mr. Ray said that he has set up a task force to explore restarting FTX.com, the company's main international exchange. Although top FTX executives have been accused of criminal misconduct, some customers have praised its technology and suggested that there would be value in rebooting the platform, he said. "Everything is on the table," Mr. Ray said. "If there is a path forward on that, then we will not only explore that, we'll do it."
FTX's bankruptcy filing marked the largest of several failures of cryptocurrency platforms last year that froze millions of users' access to their accounts. FTX, Celsius Network, Voyager Digital and BlockFi have used the chapter 11 process to explore restarting their businesses and selling their platforms to stronger rivals. Another option is to simply close up shop and return crypto holdings to customers as quickly as possible. Mr. Ray said he would look into whether reviving FTX's international exchange would recover more value for the company's customers than his team could get from simply liquidating assets or selling the platform. "There are stakeholders we're working with who've identified what they see is a viable business," he said.
FTX's bankruptcy filing marked the largest of several failures of cryptocurrency platforms last year that froze millions of users' access to their accounts. FTX, Celsius Network, Voyager Digital and BlockFi have used the chapter 11 process to explore restarting their businesses and selling their platforms to stronger rivals. Another option is to simply close up shop and return crypto holdings to customers as quickly as possible. Mr. Ray said he would look into whether reviving FTX's international exchange would recover more value for the company's customers than his team could get from simply liquidating assets or selling the platform. "There are stakeholders we're working with who've identified what they see is a viable business," he said.
Yeah baby. (Score:2)
WSJ (Score:5, Informative)
WSJ - fuck your paywall.
https://www.reuters.com/techno... [reuters.com]
Re: (Score:2)
Fuck that paywall, indeed.
https://archive.is/o06hz [archive.is]
Re: (Score:2)
Thank you!
Which praising customers would those be? (Score:4)
Or the ones that launder money and evade taxes?
Or the ones that buy illegal merchandise, drugs, and humans?
The grift must go on... (Score:4, Funny)
Of course they may reboot - there's still grift to run! Crypto is rebounding! All "the guys with lambos" say so!
Never mind that you haven't seen any of the lawsuits from the people that already lost billions on Sam Bankman-Fraud's fleecing. But yeah, get right back in the game, boys!
Re: (Score:2)
The story is older than "Bleak House [wikipedia.org]."
Re: The grift must go on... (Score:2)
Given how British money is now plastic, literally stuffing my money up my arse would seem a better idea than engaging with FTX. Maybe it'll grow in there, perhaps even a Lamborghini will pop out? Even it doesn't grow, I at least know I'll still get back what I invested in my hole.
Sub in "Boeing" (Score:2)
Boeing: "We've fixed the 737 max - it's safe to fly now. You can get on that plane."
Me: "Okay, I'll go with that. I assume you've fixed all the other planes properly."
Boeing: "Well... it's not one of 'all the other planes'."
Me: "What do you mean?"
Boeing: "It's the one that crashed. We put it back together."
Me: "No thank you."
The Con worked once. Let's do it again! (Score:4, Informative)
Ummm (Score:2)
Step 2) Sell all FTT tokens
Step 3) Profit
Step 4) Proceed with bankruptcy
And I _could_ get all my money back! (Score:4, Funny)
Anything is possible in crypto-lala-land.
Even SBF said that FTX was a completely solvent company until Binance set them up the bomb.