According to the Wall Street Journal, new FTX boss John J. Ray is exploring the option of restarting the crypto exchange in order to allow people who lost money in the crash to at least partially recover their funds. Following the platform’s bankruptcy announcement in November, it is estimated that $8 billion worth of funds went missing. The new CEO is exploring the option of restarting the company rather than liquidating all its remaining assets, and has tasked a group with attempting to recover the funds and eventually restarting the exchange.
Following the announcement, FTX’s token, FTT, jumped by 32% in a single day to roughly $2.37, a very substantial increase from its all-time low of $0.82 in late December 2022. This may be an early indication that trust in the token is slowly but surely returning among investors, but it could also be a temporary upturn caused by Ray’s indication that the company will be looking to retrieve the funds lost due to Sam Bankman-Fried’s alleged fraudulent activity.
