New FTX boss John Ray could bring back bankrupt Crypto firm
Bankrupt crypto exchange FTX’s new chief executive, John Ray is looking into the possibility of reviving the platform. He told the Wall street journal(WSJ)that he has set up a task force to explore restarting FTX com to “recover more value” for people who lost money.
A year ago FTX was valued at $32bn, but it filed for bankruptcy protection in November. It has been estimated that $8bn worth of funds were missing.
Sam Bankman fries, the founder and former chief executive of the exchange, has been accused of defrauding customers and investors to pay debts incurred by his crypto-focused hedge fund. Alameda Research. He has pleaded not guilty to fraud. The future of customer funds, however, remains unclear.