Bankrupt crypto exchange could restart

Bankrupt crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray told the Wall Street Journal on Thursday.

Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company’s main international exchange, he said in an interview with the WSJ.

Ray was looking into whether reviving it would recover more value for the company’s customers than his team could get from simply liquidating assets or selling the platform, according to the WSJ report.

Sam Bankman-Fried, the founder and former CEO of FTX, has been accused of stealing billions of dollars from the exchange’s customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research. He has pleaded not guilty to fraud charges.

The future of customer funds, however, remains unclear. Earlier this week, FTX said in a report to creditors that hackers stole about $415 million in crypto from its international and US exchanges since its bankruptcy in November.



This story originally Appeared on Nypost.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here