• FTX CEO John J. Ray III is considering restarting the cryptocurrency exchange as he works to reimburse customers‘ and creditors‘ capitals.
• The company has recovered assets worth approximately $5 billion including over $700 million in Solana (SOL).
• FTX US had at least $111m, and likely around $400m, of excess cash on top of what was required to match customer balances.
The news of FTX’s apparent collapse sent shockwaves throughout the international crypto trading community. The cryptocurrency exchange, which had been established in 2020, seemed to have suffered a sudden and unexpected demise, thanks to some mysterious hackers. It was initially believed that the company had lost all of its assets and customers would be left with nothing.
However, new FTX CEO John J. Ray III is considering rebooting the cryptocurrency exchange in order to reimburse customers‘ and creditors‘ capitals. According to a report by WSJ, Ray has formed a task force to explore the matter. He believes that the company could gain more value by rebooting than liquidating all the assets.
FTX has recovered assets worth approximately $5 billion, which includes over $700 million in Solana (SOL). In addition, FTX US had at least $111m, and likely around $400m, of excess cash on top of what was required to match customer balances. This was revealed by SBF, who also pointed out that FTX US was solvent even before filing for bankruptcy.
However, despite this good news, there is still a hole of over $415 million caused by FTX hackers hours before filing for bankruptcy. This means that the majority of customers and creditors will not get their money back anytime soon.
Moreover, the reputation of FTX has been severely damaged, and it is unlikely that the company will be able to restore its good name anytime soon. Customers and creditors are still holding out hope that the new CEO will be able to bring back the company to its former glory.
Rebooting FTX could be a long and arduous process, and creditors may not have the patience to wait until the process is complete. Nevertheless, they are hoping that the new CEO will be able to restore the company’s reputation and bring back the lost assets. Only time will tell if FTX will succeed in its mission.