Other thanTerra , FTX is perhaps the biggest equivalent word for failure in the crypto industry . It ’s a three - letter of the alphabet word dragged so far through the mud that it ’s hard to distinguish it from a moo-cow patty . Yet enough people working at the commutation think people would be interested in a reboot . So much so , FTX ’s new chief executive officer has actively work on a so - called “ 2.0 . ”
As first reported byDecrypt , documents posted Monday by FTX in its ongoing bankruptcyrevealFTX ’s current CEO John Ray III has spent several hour at a prison term working on a potential “ restart ” of the telephone exchange . On April 17 , Ray reportedly spent nearly 1 and a one-half time of day reexamine the step need to restart FTX , while on the 19th of the same month he aim less than an hr to “ review and finalize 2.0 reboot of exchange material for dispersion . ” The last item of April was a “ reexamination and comment on 2.0 bidder inclination . ”
Some of these items mention companies , like the investment bank Perella Weinberg Partners LP which supplied steps in a likely reboot plan . Ray also speak with cybersecurity firm Sygnia for “ exchange fortification . ” Who would be in reality concerned in bringing back this Frankenstein ’s monstrosity ? Well , Bloombergreported last month that venture capitalists from the loyal Tribe Capital met with FTX ’s creditor committee back in January to suggest a fundraising campaign . Tribe had previously invested in FTX , and any buyout would reportedly set about to keep the name .
John J. Ray III is the current CEO of FTX during its bankruptcy. According to filings, he’s been working for multiple hours on a possible restart to the failed crypto exchange.Photo: Nathan Howard (Getty Images)
For each of these items , Ray buck the ship’s company M of dollars per hour for his sweat . He charge a total of $ 290,160 for his workplace in April alone . As a summary of his workplace , Ray declare he expend meter implementing several component of the rally such ascybersecurityand cash direction “ that did not exist , or did not subsist to an appropriate arcdegree , prior to Mr. Ray ’s naming . ”
Ray has previously cite in January thatstakeholders were force him to restart the exchange , and at least at the fourth dimension he was amenable to the idea . He told The Wall Street Journal at the clock time “ If there is a itinerary forward on that , then we will not only explore that , we ’ll do it . ” Last month , an attorney for the bankrupt crypto exchange , Andy Dietderich , state theexchange ’s leaders was imagine about restartingthe fail company because the state of affairs was “ stabilized . ” FTX will demand to decide in the 2d poop whether a full restart is feasible , according to his presentation .
Ray has previouslycalled FTXa “ complete failure of corporate controller ” and has cover that former FTX CEO Sam Bankman - Fried and his executive cronies were such poor managers they wouldjoke about losing millions of dollar mark at a meter . FTX hasstruggled to recuperate billionsin client investment firm that went missing , but Dietderich said in April that the company had recovered $ 7.3 billion of the miss $ 9 billion , partially due to climb bitcoin prices .
In the interim , Bankman - Fried ’s name is just as taint as his former interchange . He ’s facingmore than a XII criminal chargesalleging everything from fraud , to campaign finance violations , to bribing Formosan officials . But beyond that , who would n’t need to tie in with the bragging one-time FTX brand ?
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