FTX invites investors to register interest to restart rebranded exchange – report

Investors who want to help restart FTX’s global exchange will need to register their initial interest this week, The Wall Street Journal reports. report The announcement was made on June 28, citing sources familiar with the matter.

According to the report, FTX CEO John J. Ray III said FTX “has initiated a process to ask stakeholders to restart the exchange.”

In January, Ray set up a task force to investigate the possibility of reopening the exchange. Ray said at the time that stakeholders and customers believed FTX’s business model was fundamentally “viable,” regardless of allegations of criminal activity.

Court filings in May indicated that Ray was working on a fresh start plan. The company also confirmed plans to reopen its Japanese exchanges in late April.

The bankrupt exchange is already in early talks with potential investors to help bring back to life. The company is considering restarting under various structures, including joint ventures. The company also discussed ways to compensate existing users, such as offering them stock in the restructured company.

Blockchain Lending Company Figure lost He is one of the investors interested in the revival plan, which is a bid to help restart Celsius.

Anonymous sources told the WSJ that FTX, which has suffered a series of reputational blows since filing for bankruptcy, plans to rebrand as part of its relaunch plan. It’s worth noting that the exchange has no plans to reopen its subsidiaries in the United States, where the Securities and Exchange Commission has cracked down on its largest exchange.

The news of FTX’s resurrection came shortly after the exchange suspended the sale of shares in artificial intelligence company Anthropic. FTX paid $500 million for the stock purchase.

Asset recovery continues

According to a recent court filing, FTX owes users $8.7 billion, of which about $6.4 billion has been diverted. Since his bankruptcy filing, Ray has worked diligently to recover these assets, trying to recover donations and other payments to politicians and charities. Mr. Ray has consistently reiterated that his asset recovery process is difficult and complicated due to lack of proper records and commingling of user funds.

of filing The exchange said it had recovered $7 billion in liquid assets. More importantly, this week’s filing alleges that FTX executives intentionally, but not intentionally, mixed users’ funds from the start of trading. The executives then used the diverted funds to purchase real estate in the Bahamas.

An FTX post calls on investors to register their interest in relaunching the rebranded exchange – the report first appeared on CryptoSlate.

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