FTX 2.0: fallen crypto exchange wants to restart

When the major crypto exchange FTX went bankrupt at the end of last year, a new CEO was appointed to manage the bankruptcy. Many users hoped that the company would make a restart, and the new CEO did not rule out this possibility. Now concrete plans seem to have been made for this.

FTX’s new CEO money brings customers back what?

After the bankruptcy, CEO John J. Ray III was brought in. He is a lawyer and a kind of ‘company doctor’ who specializes in recovering money from bankrupt companies. He is responsible for making sure that it becomes clear where FTX’s money is and that it reaches the rightful owners. The founder and former CEO of FTX, Sam Bankman-Fried, has stepped down.

Among other things, Ray wants Grayscale to reimburse FTX for excessive management costs it charged for participating in Grayscale funds. That money could then end up with duped customers through the bankruptcy procedure. FTX also hopes to recover nearly $4 billion from Genesis.

At the beginning of this year, the new CEO would have already located about $ 5.5 billion, but in April this amount would have already increased to $ 7.3 billion.

‘FTX 2.0’ seems to be in the works

In a new document used FTX special terms, such as ‘exchange fortification’, ‘plan for structuring exchange’ and ‘Review 2.0 next steps’. These terms suggest that there are already concrete plans not only to refund customers (partially) of their money, but also to make the platform operational again.

Preparations are already being made for this for a ‘bidding process’, which probably refers to the possible buy-out of existing investors. That doesn’t guarantee a restart, but it suggests there are more plans than just the Chapter 11 bankruptcy already being tracked.