{"id":79364,"date":"2023-01-19T18:57:04","date_gmt":"2023-01-19T18:57:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/01\/19\/new-ftx-boss-john-ray-could-bring-back-bankrupt-crypto-firm\/"},"modified":"2023-01-19T18:57:04","modified_gmt":"2023-01-19T18:57:04","slug":"new-ftx-boss-john-ray-could-bring-back-bankrupt-crypto-firm","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/01\/19\/new-ftx-boss-john-ray-could-bring-back-bankrupt-crypto-firm\/","title":{"rendered":"New FTX boss John Ray could bring back bankrupt crypto firm"},"content":{"rendered":"
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The new chief executive of bankrupt crypto exchange FTX, John Ray, is exploring the possibility of reviving the platform.<\/b><\/p>\n<\/div>\n

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He told the Wall Street Journal (WSJ) that he had set up a taskforce to investigate the FTX.com reboot to “reclaim more value” for people who lost money.<\/p>\n<\/div>\n

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A year ago, FTX was valued at $32bn (\u00a326bn) but it filed for bankruptcy protection in November. <\/p>\n<\/div>\n

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It was estimated that $8 billion worth of funds were missing.<\/p>\n<\/div>\n

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Sam Bankman-Fried, the exchange’s founder and former CEO, has been accused of defrauding clients and investors to pay off debts at his crypto-focused hedge fund Alameda Research. <\/p>\n<\/div>\n

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He has pleaded not guilty to the fraud charges.<\/p>\n<\/div>\n

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However, the future of customer funds remains unclear.<\/p>\n<\/div>\n

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According to the WSJ report, Mr. Ray is exploring the idea of \u200b\u200breviving the platform rather than simply liquidating assets or selling the platform.<\/p>\n<\/div>\n

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FTX did not immediately respond to the BBC’s request for comment. <\/p>\n<\/div>\n

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Earlier, Mr. Ray criticized the way the failed crypto exchange was run, saying he had \u201cnever seen such a complete failure of corporate controls\u201d.<\/p>\n<\/div>\n

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He said what he’s found since acquiring FTX is “unprecedented” in his 40-year career, which includes overseeing the bankruptcy of US energy giant Enron. <\/p>\n<\/div>\n

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The stock market collapse was one of the key events in what is referred to as \u201ccrypto winter\u201d for businesses. <\/p>\n<\/div>\n

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The first major shock came last May with the collapse of two tokens \u2013 Terra Luna and TerraUSD \u2013 owned by Terraform Labs.<\/p>\n<\/div>\n

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The drop resulted in $400 billion (\u00a3318 billion) being wiped out from the value of many other cryptocurrencies, including Bitcoin.<\/p>\n<\/div>\n

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In September, Interpol issued a red notice to law enforcement regarding the arrest of Terra founder Do Kwon.<\/p>\n<\/div>\n

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In November, the crypto market disruption reached another level with the collapse of FTX \u2013 one of the largest exchanges and the entry point for millions of people.<\/p>\n<\/div>\n

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It was considered one of the most trusted platforms, but went bankrupt days after its finances were revealed to be unstable.<\/p>\n<\/div>\n

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FTX founder Mr Bankman-Fried told the BBC in his last interview before his arrest: “I don’t think I was trying to do anything wrong.”<\/p>\n<\/div>\n

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In December, the 30-year-old was extradited back to the US from the Bahamas, where FTX was based, where he formally pleaded not guilty to defrauding customers and investors. He was released on $250 million bail and denied the allegations.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The new chief executive of bankrupt crypto exchange FTX, John Ray, is exploring the possibility of reviving the platform. He told the Wall Street Journal (WSJ) that he had set up a taskforce to investigate the FTX.com reboot to “reclaim more value” for people who lost money. A year ago, FTX was valued at $32bn […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-79364","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nNew FTX boss John Ray could bring back bankrupt crypto firm - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/01\/19\/new-ftx-boss-john-ray-could-bring-back-bankrupt-crypto-firm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New FTX boss John Ray could bring back bankrupt crypto firm\" \/>\n<meta property=\"og:description\" content=\"The new chief executive of bankrupt crypto exchange FTX, John Ray, is exploring the possibility of reviving the platform. 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