New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over

Following caller disclosure that FTX debtors and bankruptcy administrators located $5.5 cardinal successful liquid assets, the caller FTX CEO John J. Ray III discussed the concern successful his archetypal interrogation since taking implicit the exchange’s restructuring process. Ray elaborate during the interrogation that helium is unfastened to the anticipation of reviving the now-defunct integer currency trading platform.

FTX CEO John J. Ray III Explores Reviving the Fallen Crypto Exchange

The caller FTX CEO and main restructuring serviceman (CRO), John J. Ray III, conducted his archetypal interview since the institution filed for bankruptcy extortion connected Nov. 11, 2022. Ray told the Wall Street Journal (WSJ) that determination whitethorn beryllium worth successful restarting the crypto speech and stressed that “everything is connected the table.” Ray’s interrogation followed a caller property merchandise and presumption by the bankruptcy squad and FTX debtors, which were published to pass the committee of unsecured creditors.

“If determination is simply a way guardant connected [rebooting FTX], past we volition not lone research that, we’ll bash it,” Ray told the publication.

The presentation fixed to the committee of unsecured creditors showed that $5.5 cardinal successful what are referred to arsenic “liquid assets” person been discovered. However, the explanation of “liquid” arsenic it applies to the stash of locked SOL and cache of FTX token (FTT) is debatable. In summation to the $5.5 cardinal discovered, the bankruptcy squad elaborate that different $4.5 cardinal could beryllium obtained by selling subsidiaries and selling FTX’s existent property successful The Bahamas. Ray said that determination are stakeholders the debtors are moving with who “have identified what they spot arsenic a viable business.”

New FTX CEO Addresses Tensions with Former CEO Sam Bankman-Fried, Criticizes Inner Circle’s ‘Spending Spree’

Ray besides talked astir the erstwhile CEO, Sam Bankman-Fried (SBF), arsenic it’s been reported that the caller CEO of FTX has kept his region from the disgraced FTX co-founder. “We don’t request to beryllium dialoguing with him,” Ray told the WSJ. “He hasn’t told america thing that I don’t already know.” However, The WSJ got a effect from SBF, who called Ray’s commentary “shocking.”

“This is simply a shocking and damning remark from idiosyncratic pretending to attraction astir customers,” SBF told the WSJ. Ray sees things otherwise than SBF and the main restructuring serviceman adjacent criticized the co-founder’s Excel equilibrium expanse theory. “This is the problem,” Ray told the WSJ interviewer. “He thinks everything is 1 large chromatic pot.

Ray disclosed that helium had not seen thing similar FTX during his full vocation of restructuring companies. “They went connected a spending spree,” Ray stressed. “Sometimes determination were nary acquisition agreements, oregon the agreements weren’t signed,” the FTX CEO added. Once again, SBF denied the claims Ray made astir the co-founder reasoning things are akin to 1 large chromatic pot.

“Mr. Ray continues to marque mendacious statements based connected nonexistent calculations,” SBF told the WSJ successful a substance message. “If Mr. Ray had bothered to deliberation cautiously astir FTX US, helium would apt person realized some that his mentation is wholly inconsistent with bankruptcy law, and besides that adjacent if 1 were to subtract $250m from my equilibrium sheet, FTX US would *still* person been solvent.”

SBF added:

Rather, Mr. Ray sees everything arsenic 1 large chromatic pot—one helium wants to keep.

Ray does not spot eye-to-eye with SBF astatine each and contempt the FTX co-founder saying connected countless occasions that he’d similar to beryllium adjuvant to creditors, Ray believes that SBF is being misleading, and causing much harm than good. Noting that SBF’s substance connection statements are false, Ray insisted that it is “unfortunate due to the fact that radical are continuing to beryllium victims close now.” The caller FTX CEO added: “They are victims of misinformation…It’s harmful.”

FTX’s speech token, FTT, jumped successful worth connected quality stemming from Ray and his content that determination whitethorn beryllium a anticipation of reviving the defunct trading platform. FTT skyrocketed by 35%, reaching $2.48 per unit, aft it was trading for $1.71 per portion earlier Ray’s interrogation was published.

What bash you deliberation astir Ray’s archetypal interrogation since starting the FTX restructuring process? Share your thoughts successful the comments below.

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