a year ago
FTT Explodes 35% on FTX Revival Idea
FTT jumped to a two-month high shortly after Ray shared details on the FTX reorganization strategy.
The price of FTT – the native token of the once-leading cryptocurrency exchange – has surged by over 35% for the past 24 hours following the announced reboot bidding process.
The coin has been on a massive downtrend since the marketplace’s demise in November.
1 According to a recent report, John Ray – the current CEO and Chief Restructuring Officer of FTX and its affiliated debtors – said the company has moved ahead with its plan to reboot.
2 Specifically, the former crypto giant “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange,” he explained.
3 The potential restart of the platform could be financed by investors, with blockchain lending company Figure assumingly being one of the interested entities.
4 FTT reacted positively to the rumors, spiking by over 35% on a daily basis. As of the moment of writing these lines, it trades at a two-month high of approximately $1.70, whereas a few hours ago, it reached $1.83 (per CoinGecko data).
5 CEO Ray has supported the plan of reviving FTX ever since he replaced Sam Bankman-Fried at the helm. The idea received support from well-known names in the finance world, including Tribe Capital which considered leading a $250 million fundraising campaign.
6 A court filing from last month where Ray outlined that the reorganization would include a bidding process intensified the rumors.
7 The new boss has criticized the former management team, saying they have comingled customer deposits and misused clients since day one.
8 He claimed that FTX owed $8.7 billion when filing for bankruptcy protection in November last year. Ray and his associates, though, have recovered around $7 billion in liquid assets so far.