The FTX exchange, which is undergoing bankruptcy proceedings, is preparing to resume operations. This follows from the отчета for April by CEO John Ray.
The crisis manager billed his services for the month at $290,190. Among other tasks, he spent time drafting elements of a plan labeled in the document as FTX 2.0.
The head of the company reviewed a list of conditions for structuring the updated platform, materials for disseminating information about the reboot of the exchange, and held a number of consultations with third parties.
FTX CEO John Ray III confirms FTX 2.0 plans. pic.twitter.com/FeCXOvdrt0
— FTX 2.0 Coalition (@AFTXcreditor) May 22, 2023
Following the release of Ray’s report, the FTT utility token jumped. Over the past 24 hours the asset rose 9.6% to $1.09. Briefly, quotes reached $1.16 (CoinGecko).
In January, the head of FTX first disclosed that a special task force was examining the possibility of restarting the platform.
In April, Sullivan & Cromwell lawyers allowed an overhaul of the exchange with a restart rather than liquidation or sale at the court hearings. The schedule suggested the detailed plan would be filed in Q3.
Around the same time, the idea of reviving FTX was raised by former head of institutional sales Zane Tackett. In his view, the platform should resume offering all products that existed before the collapse, adding a market for tokenised claims.
In a March presentation, the exchange’s representatives valued the total shortfall to cover client and creditor claims at $8.7 billion, of which about $1.6 billion was in Bitcoin.
As a reminder, in May the U.S. Internal Revenue Service filed a series of lawsuits against FTX and affiliated entities for a total of $44 billion.