FTT Price Surges After FTX Announces Bold Reboot Plan
FTT experienced a significant surge in value after John Ray unveiled details about the restructuring plan for FTX.
Over the past 24 hours, the price of FTT, the native token of the once-prominent cryptocurrency exchange, has soared by more than 35% following the announcement of the revitalized bidding process.
Since the demise of the marketplace in November, the coin has been on a steep downward trend.
According to a recent report, John Ray, the current CEO and Chief Restructuring Officer of FTX and its affiliated debtors confirmed that the company is progressing with its reboot plan. He explained that the former crypto giant had initiated the process of seeking interested parties for the relaunch of the FTX.com exchange.
It is speculated that potential investors, including blockchain lending company Figure, might provide financing for the platform’s potential restart.
The market reacted positively to these rumors, causing FTT to surge by more than 35% within a day. At the time of writing, FTT is trading at around $1.70, reaching a two-month high, whereas a few hours ago, it was valued at $1.83 (according to CoinGecko data).
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CEO Ray has been supportive of the plan to revive FTX ever since he took over from Sam Bankman-Fried. The idea gained support from notable figures in the financial industry, such as Tribe Capital, which expressed interest in leading a fundraising campaign worth $250 million.
Rumors intensified following a court filing from last month, where Ray outlined the reorganization, including the introduction of a bidding process.
The new CEO has criticized the previous management team, accusing them of mishandling customer deposits and misusing clients’ funds from the start. In November of last year, when FTX filed for bankruptcy protection, the company was reportedly indebted for $8.7 billion. However, Ray and his team have managed to recover approximately $7 billion in liquid assets thus far.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
