FTX Would Be Reinvented By Its New Boss - Texas Today
Currency exchange that didn’t work The new CEO of FTX, John Ray, is looking into whether or not the platform can be made to work again. He told the Wall Street Journal that he has put together a group to look into restarting FTX.com so that people who lost money can “recover more value.” FTX was worth $32 billion (£26 billion) a year ago, but it filed for bankruptcy in November. Money worth about $8 billion is thought to have gone missing. Sam Bankman-Fried, the exchange’s founder and former CEO, is accused of defrauding customers and investors to pay off debts from his crypto-focused hedge fund, Alameda Research. He has said that he hasn’t done anything wrong. But it still needs to be clarified what will happen to customer funds. ‘Complete Failure’ The WSJ report says that Mr. Ray is considering bringing the platform back to life instead of just selling its assets or shutting it down. When the BBC asked FTX for a comment, the company had to wait to answer. Mr. Ray had previously said ...