The collapsed crypto exchange FTX plans to restart and rebrand – Kommersant
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FTX is going to attract investors to restart its crypto exchange. The exchange will also rebrand. The newspaper reported The Wall Street Journal (WSJ) citing sources and FTX CEO John Ray III, who was appointed in November after the site filed for bankruptcy.
According to Ray, FTX has begun the process of engaging stakeholders to reboot its exchange. According to the WSJ, the company also plans to rebrand the crypto exchange with any chosen restart option. As part of the talks, FTX is discussing possible compensation to clients in the form of a stake in an organization that will be founded as part of the exchange’s restart, newspaper sources said.
According to the WSJ, the blockchain company Figure is interested in restarting the crypto exchange. Previously, this company was part of an investment group that wanted to get the rights to restart another bankrupt crypto company Celsius Network, but in the end they were received by a consortium led by Fortress Investment Group.
Crypto exchange FTX, which at one time was considered the second largest crypto exchange in the world, went bankrupt in November 2022. Two months before the bankruptcy, FTX was valued at $32 billion, in early December, its value fell to $1 billion. FTX founder Sam Bankman-Freed faces more than a dozen charges, including fraud, conspiracy to defraud, negligence in the management of the exchange, bribery and etc. Several former top managers of FTX are also under investigation.
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