John Ray III, CEO of FTX, has begun soliciting interested parties to relaunch and rebrand the FTX cryptocurrency exchange.
Wall Street Journal reports that the embattled crypto exchange is attempting to relaunch its international crypto exchange despite its declining market reputation. The new management team of the cryptocurrency exchange detailed the misappropriation of nearly $9 billion in customer funds before the company’s collapse last year.
John Ray III, CEO of FTX, has begun soliciting interested parties to relaunch the FTX exchange. In addition, discussions regarding renaming the exchange, compensation to some existing customers, team development, and recruitment are ongoing.
According to sources, blockchain technology company Figure has expressed interest in assisting with the relaunch. The company was also a member of an investment consortium that submitted a proposal for Celsius Network but lost to another consortium.
The chief executive officer, John Ray III, has announced the formation of a task force to examine the resumption of the crypto exchange.
“The company has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.”
In the past, there were reports that FTX disclosed the identities of parties according to Section 363, Sale of the US Bankruptcy Code, which permits the sale of a company’s assets. Interested parties are Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin, according to a 22 June court filing in the Delaware Bankruptcy Court.
FTX Debtors intend to undertake the sale process in this year’s third or fourth quarter and choose a “stalking-horse bidder.” One of these businesses will be the leading bidder. While the team led by CEO John Ray III works on the bid process letter, interested parties, onboarding market makers, and FTX Japan’s relaunch, some companies seek to invest in FTX 2.0.
In the meantime, the crypto exchange has filed a lawsuit against former General Counsel Daniel Friedberg, as whistleblowers claim Friedberg has paid them since 2019. He is charged with breach of fiduciary duty, malpractice, negligence, corporate waste, and complicity.
