Former FTX executive proposes reviving a platform to trade claims

Former head of institutional sales at FTX Zane Tackett argues that the exchange should relaunch and begin trading the platform’s claims. The Block reports this, citing his Telegram post.

In his view, the collapsed crypto exchange should be revived with all the products it offered before crash in November 2022, adding a market for tokenised claims.

As an example, Tackett cited Bitfinex’s strategy. After the 2016 hack, the platform issued the BFX token, which was equivalent to one dollar of each user’s losses.

“Creditors currently have no fair way to value assets belonging to FTX. If they could convert their debt into equity and gain access to investments, I think this would be a huge advantage for them,” explained the former employee of the company.

Tackett believes the initiative would help the exchange accumulate liquidity, and give some investors an opportunity to earn.

FTX 2.0 could succeed if “it begins operating like a crypto company and can be flexible,” he added.

In early 2023, the platform’s then-CEO John Ray had already stated that a relaunch was possible. According to him, a specially formed working group is studying whether a reboot could deliver more value to users than the liquidation of FTX assets.

In April, it was reported that the collapsed exchange had no basic bookkeeping and financial controls and was run by a small group of people who “were characterised by arrogance, incompetence and greed.”

Later, Ren Protocol representatives said that the company will transfer all assets to the owners’ cold wallets—FTX and Alameda Research.