Cryptocurrency

FTX token jumps 12% after news of possible restart emerges

Bankrupt FTX’s native token, FTT, said in court filings that CEO John J. Ray III is considering plans to reopen the failed exchange. received a surge of more than 10%.

FTX reboot

According to the court on May 22nd filingRay’s April billing report highlights some of the work he has done towards a possible reopening of the platform.

According to the filing, Mr. Ray spent about seven hours on activities related to the reopening of the exchange in April and claimed more than $8,000.

A restart plan has not been formally formulated, but Mr. Lay suggested in January that the route might be considered. At the time, he set up a special committee to investigate the possibility of rebooting his FTX.com.

Speculation about the reopening has been further fueled by FTX’s postponement of the potential sale process of its Japanese entity to consider reopening.

Additionally, venture capital firm Tribe Capital has expressed interest in leading a $250 million fundraising campaign for the bankrupt company.

Community discusses possible reopening

Twitter Account Claiming Exchange Reboot—FTX 2.0 Coalition—claimed The reopening of the exchange will be faster than any liquidation operation. But they questioned the economics of reopening the exchange and wondered which US institutions would be willing to work with the company.he Added:

“Do you really think the U.S. government is going to let offshore and U.S. corporate operations stand alone without taking any legal action? Who would bank on the biggest fraud brand in the whole world?”

12% increase in FTT

News of a possible reopening has pushed the FTT token up 12% over the past 24 hours to $.According to 1.12353 at the time of writing of crypto slate data.

Blessing Olaoye, Cryptocurrency Enthusiast explained News that a reboot is possible as another way to pump tokens before dumping them again.

After Binance moved the token to the innovation zone on May 10, the exchange token suffered a significant drop. At the time, the exchange also moved the native tokens of other bankrupt companies, such as Voyager, into this category.

The post-FTX token rose 12% after news of a possible reopening first appeared on CryptoSlate.

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