Defunct FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, US media reported citing CEO John Ray.
Following a controversial collapse in 2021, the company is gearing up to revive its flagship platform. This is a mammoth task considering the staggering $9 billion missing in customer funds and tarnished reputation.
The company “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange,” Ray said.
The failed crypto company has been holding talks with investors about backing a potential restart of the FTX.com exchange through structures such as a joint venture.
In November, FTX filed for Chapter 11 bankruptcy protection in the United States following its spectacular collapse that sent shivers through the digital assets industry.
In the days leading up to the failure, customers of Sam Bankman-Fried’s crypto exchange withdrew billions of dollars, hobbling the firm’s liquidity.
A rescue deal with rival exchange Binance also fell through, precipitating crypto’s highest-profile collapse in recent years.
The industry has since been reeling amid the scrutiny of global regulators, while FTX founder Bankman-Fried faces a criminal lawsuit by the U.S. government for alleged fraud.
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