Home Technology FTX Attempts to Revive Major International Cryptocurrency Exchange: Report – UnlistedNews

FTX Attempts to Revive Major International Cryptocurrency Exchange: Report – UnlistedNews

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FTX Attempts to Revive Major International Cryptocurrency Exchange: Report

 – UnlistedNews

Bankrupt FTX is moving forward with efforts to revive its main international cryptocurrency exchange, the Wall Street Journal reported Wednesday, citing chief executive John Ray.

The company “has begun the process of asking interested parties to restart the FTX.com exchange,” Ray said, according to the Journal report.

The failed crypto firm has been holding talks with investors about backing a possible restart of exchange FTX.com through structures such as a joint venture, the report added, citing people familiar with the discussions.

FTX’s lawyers did not immediately respond to a Reuters request for comment.

In November, FTX filed for Chapter 11 bankruptcy protection in the United States following its spectacular collapse that shook the digital asset industry.

In the days before the failure, clients of the Sam Bankman-Fried crypto exchange withdrew billions of dollars, reducing the company’s liquidity. A bailout deal with rival exchange Binance also fell through, precipitating the most high-profile collapse of cryptocurrencies in recent years.

Since then, the industry has been reeling amid scrutiny from global regulators, while FTX founder Bankman-Fried faces a criminal lawsuit from the US government over alleged fraud.

A federal judge recently rejected Sam Bankman-Fried’s offer to dismiss most of the US government’s criminal case accusing the founder of cryptocurrency exchange FTX of orchestrating a multi-billion dollar fraud.

Prosecutors accused Bankman-Fried of stealing billions of dollars in funds from FTX clients to cover losses at his Alameda Research hedge fund.

Prosecutors accused Bankman-Fried of stealing billions of dollars in funds from FTX clients to cover losses at his Alameda Research hedge fund.

© Thomson Reuters 2023


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