FTT Explodes 35% on FTX Revival Idea
The price of FTT – the native token of the once-leading cryptocurrency exchange – has surged by over 35% for the past 24 hours following the announced reboot bidding process.
The coin has been on a massive downtrend since the marketplace’s demise in November.
According to a recent report, John Ray – the current CEO and Chief Restructuring Officer of FTX and its affiliated debtors – said the company has moved ahead with its plan to reboot.
Specifically, the former crypto giant “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange,” he explained.
The potential restart of the platform could be financed by investors, with blockchain lending company Figure assumingly being one of the interested entities.
FTT reacted positively to the rumors, spiking by over 35% on a daily basis. As of the moment of writing these lines, it trades at a two-month high of approximately $1.70, whereas a few hours ago, it reached $1.83 (per CoinGecko data).
CEO Ray has supported the plan of reviving FTX ever since he replaced Sam Bankman-Fried at the helm. The idea received support from well-known names in the finance world, including Tribe Capital which considered leading a $250 million fundraising campaign.
A court filing from last month where Ray outlined that the reorganization would include a bidding process intensified the rumors.
The new boss has criticized the former management team, saying they have comingled customer deposits and misused clients since day one.
He claimed that FTX owed $8.7 billion when filing for bankruptcy protection in November last year. Ray and his associates, though, have recovered around $7 billion in liquid assets so far.
The post FTT Explodes 35% on FTX Revival Idea appeared first on CryptoPotato.
Filed under: Bitcoin - @ June 29, 2023 6:48 am