By James Davis
A Wall Street Journal (WSJ) report released on Wednesday shows FTX boss John J. Ray is still determined to revive the fallen crypto exchange. Ray says his team is already engaging with interested parties to restart FTX.
WSJ stated that FTX had held preliminary talks with various investors earlier this week, aiming to reboot the international crypto trading platform FTX.com. The media house also suggested that creditors of the bankrupt crypto exchange might be given a stake in the FTX version two.
In addition, the WSJ report revealed that, as part of the relaunch, FTX would be rebranded. However, it is still unclear if there are plans to restart FTX US as well.
FTT Price Analysis
The latest development appears to have excited investors based on the FTT price performance. The FTX native token has grown by 16% to reach $1.52 as of this writing. This price is the highest it has ever traded since mid-April, according to data from CoinGecko.
Meanwhile, WSJ has mentioned Figure as one of the parties looking to help restart FTX. But what’s Figure? It is a blockchain technology firm that attempted to seek the opportunity to restart another fallen crypto company, Celsius Network, last year. Figure, however, lost to crypto consortium Farenhelt, which is made up of investment company Arrington Capital and crypto miner US Bitcoin Corp.
WSJ says any other party interested in participating in the FTX reopening must notify the crypto exchange by Saturday this week.
How Long Before FTX Relaunches?
The idea of FTX relaunch was floated by Ray at the start of this year. In March, Andy Dietderich, who is the lead attorney of the crypto exchange, also said FTX might be revived. However, he added there was no clear path forward at that moment.
In May, Ray filed a court document in which he explained the steps that should be taken to reopen FTX. When Louise Abbott, a partner at Keystone Law, saw the document, she said FTX was likely to file a restructuring plan in this year’s quarter three and that any decision regarding relaunch plans would be communicated in July 2024, which is about a year from now. But that’s just Abbott’s opinion. The FTX reboot might be sooner.
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