FTX Token Pops After New CEO Says Failed Crypto Exchange Could Revive

FTX​ Token (FTT-USD) shot up 32% in Thursday afternoon trading after the new chief of FTX, John J. Ray III, said he's considering to possibly revive the bankrupt cryptocurrency exchange as he works to recover lost assets to repay creditors.

Ray, a restructuring expert who oversaw Enron's bankruptcy proceedings, noted he has created a task force to explore rebooting operations at FTX.com, the crypto empire's international exchange, he said in an interview.

His thinking behind the potential move comes as customers have lauded FTX's technology and suggested the revival of FTX.com would recover more value than liquidating the firm's assets, he said.

"Everything is on the table," Ray said. "If there is a path forward on that, then we will not only explore that, we'll do it."

In response to Ray's first interview since taking over FTX in November 2022, former FTX CEO Sam Bankman-Fried responded "this is a shocking and damning comment from someone pretending to care about customers."

(Source: Seeking Alpha)