• FTX CEO John J. Ray III is looking to revive the crypto exchange after taking over from Sam Bankman-Fried, who is facing federal fraud and other criminal charges.
• The exchange has found $5 billion in liquid assets and a $4.6 billion investment portfolio that could help recover customer assets.
• FTT price has painted a bullish rally that saw its price more than double in 15 days, with the biggest single-day gain of 32% since April 12 this year.
FTX Revival Plans in Progress
John J. Ray III, current CEO of bankrupt crypto exchange FTX, is exploring avenues of restarting the exchange as customers have suggested there might be value in rebooting it. The company has disclosed $5 billion in liquid assets and a $4.6 billion investment portfolio which could help recover customer assets while Ray’s forensic team continues to comb through data to find more funds.
Sam Bankman-Fried’s Take on Revival
The former FTX CEO Sam Bankman-Fried has been critical of Ray’s handling of FTX and shared a table of estimated bank balances showing surplus millions for US customer claims though Ray pointed out that Bankman-Fried had included $250 million from Alameda Research under investigation for misappropriating customer funds from FTX International.
FTT Price Rallies On Revival Speculations
FTT price has been rallying upward since June 15, rising 131% to reach a daily high near $1.86 on June 29 with the biggest single-day gain of 32% since April 12 this year followed by traders booking profits as FTT dropped more than 12% to a daily low of $1.63 on June 29 suggesting if downtrend continues then FTT will drop towards support near $1.62 level.
Investors seem optimistic about the revival plans but are still cautious as it remains unclear how much funds can be actually realized despite the disclosure of liquid assets and an investment portfolio by the company itself .
The future fate FTX hangs in balance as investors await further developments while speculating on whether or not reviving the crypto exchange would be viable or not . Meanwhile FTT token price paints a bullish picture having seen more than double its price within 15 days time with traders booking profits at regular intervals .