In case you missed it: FTX CEO John Ray told the Wall Street Journal that FTX could, possibly, rise from the dead. ☠️
Ray confirmed that a task force is looking into restarting FTX.com. The decision is based solely on if the value proposition for re-opening the exchange is better than liquidating the assets.
The FTT token spiked over 30% on the news, with the $FTT.X ticker triggering unusual message volume on the Stocktwits app.
Even SBF had to voice his opinion:
I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!
I'm still waiting for him to finally admit FTX US is solvent and give customers their money back…https://t.co/XjcyYFsoU0https://t.co/SdvMIMXQ5K
— SBF (@SBF_FTX) January 19, 2023
What kind of ramifications a reopening of the exchange would have on the crypto market is unknown – especially to big firms that are major creditors.
For example, one of Digital Currency Group’s major subsidiaries, Genesis, filed for bankruptcy today. Genesis is the largest creditor of FTX, with $266 million in claims.
Regarding when/if FTX.US will/would reopen, nothing definite has been released yet. 🤷♂️