Latest court filing documents reveal that a reboot plan for the infamous FTX cryptocurrency exchange is under consideration, with its new CEO John Ray working on relaunching the crypto exchange.

Over the past month, Ray took part in multiple meetings with the focus being on relaunching the fallen cryptocurrency exchange FTX via entering into a bidding process. In a May 22 court filing, FTX presented a compensation report which showcases the activities undertaken by the CEO.

The plans to revive FTX were first put on the table in January of this year. At that time, news reports suggested that the bankrupt crypto exchange discovered $5.5 billion in liquid assets, and the company’s new CEO is co-operating with creditors on a revitalization plan.

Another report circulated in April which suggested that FTX recovered more than $7 billion in assets, and that its team is formally planning to restart the exchange by the second quarter of 2024. Today, the plans are beginning to come into fruition and some crypto market participants are encouraging this course of action. One Twitter user by the name of Degen Spartan claimed that ‘FTX 2.0’ may be the optimal path towards recovery for all parties involved.

Sources:

https://cointelegraph.com/news/ftx-relaunch-soon-court-filing-shows-plan

https://twitter.com/DegenSpartan/status/1660811110545764353

https://twitter.com/realsixfig/status/1660779973660012545