{"id":16648,"date":"2023-01-19T19:44:53","date_gmt":"2023-01-19T19:44:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/new-ftx-ceo-discusses-possibility-of-rebooting-defunct-crypto-exchange-in-first-interview-since-taking-over-bitcoin-news\/"},"modified":"2023-01-19T19:44:53","modified_gmt":"2023-01-19T19:44:53","slug":"new-ftx-ceo-discusses-possibility-of-rebooting-defunct-crypto-exchange-in-first-interview-since-taking-over-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/new-ftx-ceo-discusses-possibility-of-rebooting-defunct-crypto-exchange-in-first-interview-since-taking-over-bitcoin-news\/","title":{"rendered":"New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Following recent disclosure that FTX debtors and bankruptcy administrators located $5.5 billion in liquid assets, the new FTX CEO John J. Ray III discussed the business in his first interview since taking over the exchange\u2019s restructuring process. Ray detailed during the interview that he is open to the possibility of reviving the now-defunct digital currency trading platform.<\/strong><\/p>\n

FTX CEO John J. Ray III Explores Reviving the Fallen Crypto Exchange<\/h2>\n

The new FTX CEO and chief restructuring officer (CRO), John J. Ray III, conducted his first interview<\/a> since the company filed<\/a> for bankruptcy protection on Nov. 11, 2022. Ray told the Wall Street Journal (WSJ) that there may be value in restarting the crypto exchange and stressed that \u201ceverything is on the table.\u201d Ray\u2019s interview followed a recent press release and presentation by the bankruptcy team and FTX debtors, which were published to inform the committee of unsecured creditors.<\/p>\n

\u201cIf there is a path forward on [rebooting FTX], then we will not only explore that, we\u2019ll do it,\u201d Ray told the publication.<\/p>\n

The presentation<\/a> given to the committee of unsecured creditors showed that $5.5 billion in what are referred to as \u201cliquid assets\u201d have been discovered. However, the definition of \u201cliquid\u201d as it applies to the stash of locked SOL and cache of FTX token (FTT) is debatable<\/a>. In addition to the $5.5 billion discovered, the bankruptcy team detailed that another $4.5 billion could be obtained by selling subsidiaries and marketing FTX\u2019s real estate in The Bahamas. Ray said that there are stakeholders the debtors are working with who \u201chave identified what they see as a viable business.\u201d<\/p>\n

New FTX CEO Addresses Tensions with Former CEO Sam Bankman-Fried, Criticizes Inner Circle\u2019s \u2018Spending Spree\u2019<\/h2>\n

Ray also talked about the former CEO, Sam Bankman-Fried<\/a> (SBF), as it\u2019s been reported<\/a> that the new CEO of FTX has kept his distance from the disgraced FTX co-founder. \u201cWe don\u2019t need to be dialoguing with him,\u201d Ray told the WSJ. \u201cHe hasn\u2019t told us anything that I don\u2019t already know.\u201d However, The WSJ got a response from SBF, who called Ray\u2019s commentary \u201cshocking.\u201d<\/p>\n

\u201cThis is a shocking and damning comment from someone pretending to care about customers,\u201d SBF told the WSJ. Ray sees things differently than SBF and the chief restructuring officer even criticized the co-founder\u2019s Excel balance sheet theory<\/a>. \u201cThis is the problem,\u201d Ray told the WSJ interviewer. \u201cHe thinks everything is one big honey pot.<\/p>\n

Ray disclosed that he had not seen anything like FTX during his entire career of restructuring companies. \u201cThey went on a spending spree,\u201d Ray stressed. \u201cSometimes there were no purchase agreements, or the agreements weren\u2019t signed,\u201d the FTX CEO added. Once again, SBF denied the claims Ray made about the co-founder thinking things are akin to one big honey pot.<\/p>\n

\u201cMr. Ray continues to make false statements based on nonexistent calculations,\u201d SBF told the WSJ in a text message. \u201cIf Mr. Ray had bothered to think carefully about FTX US, he would likely have realized both that his interpretation is wholly inconsistent with bankruptcy law, and also that even if one were to subtract $250m from my balance sheet, FTX US would *still* have been solvent.\u201d<\/p>\n

SBF added:<\/p>\n

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Rather, Mr. Ray sees everything as one big honey pot\u2014one he wants to keep.<\/p>\n<\/blockquote>\n

Ray does not see eye-to-eye with SBF at all and despite the FTX co-founder saying on countless occasions that he\u2019d like to be helpful to creditors, Ray believes that SBF is being misleading, and causing more harm than good. Noting that SBF\u2019s text message statements are false, Ray insisted that it is \u201cunfortunate because people are continuing to be victims right now.\u201d The new FTX CEO added: \u201cThey are victims of misinformation\u2026It\u2019s harmful.\u201d<\/p>\n

FTX\u2019s exchange token, FTT<\/a>, jumped in value on news stemming from Ray and his belief that there may be a possibility of reviving the defunct trading platform. FTT<\/a> skyrocketed by 35%, reaching $2.48 per unit, after it was trading for $1.71 per unit before Ray\u2019s interview was published.<\/p>\n

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\nTags in this story
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$4.5 billion<\/a>, $5.5 billion<\/a>, Balance Sheet<\/a>, Bankruptcy<\/a>, calculations<\/a>, ceo<\/a>, co-founder<\/a>, commentator<\/a>, Crypto<\/a>, Excel balance sheet<\/a>, Exchange<\/a>, false statements<\/a>, former CEO<\/a>, ftx<\/a>, FTX Bankruptcy case<\/a>, FTX collapse<\/a>, harm<\/a>, honey pot<\/a>, interpretation<\/a>, John J. Ray III<\/a>, liquid assets<\/a>, misinformation<\/a>, presentation<\/a>, press release<\/a>, purchase agreements<\/a>, Real estate<\/a>, restructuring<\/a>, Sam Bankman-Fried<\/a>, sbf<\/a>, SBF Claims<\/a>, spending spree<\/a>, stakeholders<\/a>, subsidiaries<\/a>, The Bahamas<\/a>, Theory<\/a>, unsecured creditors<\/a>, viable business<\/a>, Victims<\/a><\/div>\n<\/div>\n

What do you think about Ray\u2019s first interview since starting the FTX restructuring process? Share your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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