FTX is exploring options to revive international cryptocurrency exchange FTX.com, chief executive John J. Ray III said in an interview published Thursday on Wall Street. told the journal.
See related articles: Bankrupt FTX exchange recovered $5 billion worth of ‘liquid’ assets, lawyer says
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Ray argued that there are still FTX customers who see value in rebooting the international trading platform, even as FTX’s founder and former chief executive face criminal charges. WSJ reported.
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Ray is reportedly weighing whether the resurrection of FTX.com will provide better compensation to customers than the exchange’s sale or asset liquidation.
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Bankrupt Bahamas-based exchange and legal partner Sullivan & Cromwell said in a legal disclosure Tuesday that FTX.com and FTX US have a “substantial shortage of digital assets.”
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According to the disclosure, FTX.com lost approximately US$323 million in crypto assets due to a hack after filing for bankruptcy, and US$426 million in crypto assets were transferred to Bahamian authorities. The team said it had flagged a total of $5.5 billion worth of liquidity for recovery, including $1.6 billion in crypto assets.
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However, founder and former CEO Sam Bankman-Fried claimed that the disclosed figures related to FTX US were inaccurate, claiming the US division was still solvent. did not comment on the data.
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FTX and sister hedge fund Alameda Research filed for Chapter 11 protection on Nov. 11 after a liquidity crisis uncovered inadequate disclosure of reserves and misappropriation of client funds bottom.
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Bankman-Fried has been charged with eight counts, including wire fraud and conspiracy to launder money. He pleaded not guilty to fraud charges earlier this month.
See related articles: Former FTX US CEO Sam Bankman-Fried Rejects Liquidator Claims for Recovered Assets
