Bankrupt cryptocurrency exchange FTX has revealed its plans for a potential revival under the leadership of its new CEO, John Ray, according to a court filing.
The filing highlighted the efforts made by Ray during the Chapter 11 bankruptcy process and mentioned the possibility of rebooting FTX, Cointelegraph reported.
Ray had previously discussed the idea of rebooting the troubled exchange back in January.
Reports at that time suggested that FTX had identified $5.5 billion in liquid assets, and the new CEO was working with creditors on a revival plan.
Later in April, it was reported that the exchange had recovered $7.3 billion in assets, with plans to relaunch FTX by the second quarter of 2024.
Also Read: South Korean Lawmakers, Officials Must Disclose Crypto Holdings Under New Legislation
The latest court filing indicates that a reboot plan is indeed being considered.
The document revealed that Ray has been engaging in meetings with creditors and debtors over the past month, discussing various topics related to restructuring the exchange and finalizing the necessary materials for the reboot.
Apparently, FTX will enter a bidding process as part of its relaunch efforts.
The potential of an FTX reboot had a positive impact on the price of the native FTX FTT/USD Token, which experienced a significant jump of over 13% as the news of the relaunch became public.
Read Next: Bank of America Drops Bombshell: Crypto Market Faces Limited Upside
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
