FTX Looks To Revive Crypto Exchange

FTX Looks To Revive Crypto Exchange

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FTX is reportedly looking to revive its crypto exchange, according to Wall Street Journal report.

The once-leading crypto exchange FTX which suffered a spectacular collapse and filed for Chapter 11 bankruptcy in November 2022, is reportedly exploring the possibility of reviving the FTX.com exchange.

The Wall Street Journal reports that FTX’s newly appointed CEO, John Ray, said the company has begun “the process of soliciting interested parties to the reboot of the FTX.com exchange.”

FTX experienced a severe liquidity crisis in November, prompting customers to withdraw an estimated $6 billion over fear that their assets were unsafe on the exchange. The Sam Bankman-Fried (SBF) led crypto empire collapsed after news broke that FTX and its sister trading firm Alameda Research had been sharing assets to boost the company’s balance sheet.

FTX’s improper trading of customer funds via Alameda saw SBF step down as CEO of the exchange. The disgraced CEO was charged with various federal crimes, including money laundering, fraud, and conspiracy to commit wire fraud.

SBF’s Request To Dismiss Charges Is Rejected

On Tuesday,  New York federal Judge Lewis Kaplan denied the FTX founder’s request to dismiss most of the criminal charges against him over the collapse of the exchange.

The disgraced founder has pleaded not guilty to all charges and is now accused of misleading investors and lenders.

Bankman-Fried will stand trial in October.

FTX Halts Sale of Its Stake in Anthropic

Bloomberg reported earlier in the week that FTX was set to sell its shares in the AI platform Anthropic but has decided to put the brakes on the sale.

FTX currently holds over $500 million worth of shares in Anthropic, and the exchange has provided no specific reason for the halt of the sale.

FTX Management Recover $7B in Liquid Assets

FTX’s newly appointed management team announced this week that it made “substantial progress” in asset recovery. It revealed that it has thus far recovered $7 billion of liquid assets.

The company’s new management published an investigative report with John Ray explaining the reality of what is going on at the exchange.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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