Tag: FTX

New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over – Bitcoin News

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Following recent disclosure that FTX debtors and bankruptcy administrators located $5.5 billion in liquid assets, the new FTX CEO John J. Ray III discussed the business in his first interview since taking over the exchange’s restructuring process. Ray detailed during the interview that he is open to the possibility of reviving the now-defunct digital currency trading platform. FTX CEO John J. Ray III Explores Reviving the Fallen Crypto Exchange The new FTX CEO and chief restructuring officer (CRO), John J. Ray III, conducted his first interview since the company filed…

FTX CEO says he is exploring rebooting the exchange: Report

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John Ray, who took over as CEO of cryptocurrency exchange FTX prior to bankruptcy proceedings, has reportedly set up a task force to consider restarting FTX.com. According to a Jan. 19 report from the Wall Street Journal, Ray said everything was “on the table” when it came to the future of FTX.com, including a potential path forward with rebooting the exchange. FTX Trading, doing business as FTX.com, was one of roughly 130 companies under FTX Group that filed for Chapter 11 bankruptcy in November 2022. Ray reportedly was considering reviving…

FTX CEO fights to keep lawyers as calls for removal intensify

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The CEO of crypto exchange FTX has rejected calls for its law firm Sullivan & Cromwell to be replaced as lead counsel in its bankruptcy case.  John J. Ray III, who was appointed as the new FTX CEO on Nov. 11, filed a court motion on Jan. 17, arguing that Sullivan & Cromwell has been integral in taking control over the “dumpster fire” that was handed to him. Ray suggested that retaining their services is in the best interest of FTX creditors, arguing: “The advisors are not the villains in…

FTX profited from Sam Bankman-Fried’s inflated coins: Report

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Sam Bankman-Fried, the former CEO of the FTX crypto exchange, used his influence in the crypto industry to inflate some coins prices through a coordinated strategy with FTX’s sister company, Alameda Research, a New York Times report claimed on Jan. 18. As a way to keep FTX and the companies under its umbrella profitable, Bankman-Fried allegedly approached developers behind projects, insisting that they make their trading debuts on the exchange’s platform. Following that, the report claimed, Alameda Research would buy some of these freshly listed coins to raise their value.…

Sam Bankman-Fried Disputes FTX US ‘Shortfall’ Claims, Critics Skeptical of Excel Spreadsheet Defense – Bitcoin News

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Following an update from FTX debtors about the $5.5 billion discovered by administrators during an investigation, former FTX CEO Sam Bankman-Fried (SBF) took to Twitter to share a blog post from his Substack newsletter. SBF stated that the presentation published by litigation firm Sullivan & Cromwell is “extremely misleading” and that FTX US is solvent and “always has been.” SBF Claims Misrepresentation by Litigation Firm, Twitter Critics Doubt Solvency Sam Bankman-Fried (SBF) is providing additional information in response to the recent press release and 20-page presentation document issued by FTX…

FTX Discovers $5.5B in Liquid Assets — Debtors Explore Ways to Maximize Recovery via Potential Sale of Subsidiaries, Real Estate – Bitcoin News

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On Jan. 17, 2023, FTX Trading Ltd. and affiliated debtors updated the public and detailed that the firm’s current administrators have discovered $5.5 billion of liquid assets to date. Top-level executives, including the new FTX CEO and chief restructuring officer, John J. Ray III, met with the bankruptcy case’s committee of unsecured creditors to share the news. FTX Uncovers $5.5 Billion in Liquid Assets Through ‘Herculean Investigative Effort’ FTX has discovered $5.5 billion in liquid assets, according to a press statement released at 2:40 p.m. Eastern Time, Tuesday. The debtors,…

FTX Identifies $415 Million Hack amongst Recoverable $5.5 Billion Digital Assets

Embattled crypto exchange FTX fingered a $415 million hack from November as part of assets recovered to pay off creditors. Fallen crypto exchange FTX has identified a $415 million crypto hack as part of the $5.5 billion worth of digital assets for recovery. In a statement, the exchange’s new CEO, John Ray III, said it took extensive investigative efforts from the team to achieve this revelation. On Tuesday, FTX also provided further details revealing that it had recovered $1.7 billion in cash and $3.5 billion in liquid crypto. In addition, the former second-largest crypto…

Bitcoin Recovers All Loses since FTX Collapse as Analysts Ponder Future Price Trajectory

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Leading crypto asset Bitcoin has been on the mend since the FTX bankruptcy situation and is now riding a two-month high. Bitcoin (BTC) has recouped all losses incurred since the catastrophic FTX collapse last November. The leading digital currency recently hit a new post-FTX high, holding firm at over $21K for the last two days. This is well above Bitcoin’s November 2nd price of $20,283. Bitcoin’s price jumped more than 22% in the last seven days, about the same decline it suffered between November 7th and November 8th. At the time of…