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FTX 2.0: CEO’s Legal Billings Hint Reboot Of Fallen Crypto Exchange

source-logo  coingape.com 23 May 2023 07:11, UTC

FTX’s new CEO John Ray III who is managing the bankruptcy proceedings of the defunct crypto exchange is hinting that the crypto exchange could again see the light of day.

John Ray’s latest billing report suggests the reboot of FTX is already in the works. The filings reveal that the CEO spent 6.7 hours on items related to “2.0.”

FTX CEO is reviewing possibilities of FTX 2.0

As per the latest legal billings, John Ray III spent time on reviewing and finalizing 2.0 reboot of exchange material for distribution. He also spent time reviewing the 2.0 bidder list. However, it should be noted that there has not been any official announcement regarding the reboot of the crypto exchange.

Earlier, Ray had suggested that if there is a way forward on rebooting the crypto exchange, then they will not only explore that but will do it.

Despite talks going around regarding FTX 2.0, many have suggested that it would be very improbable due to persistent technical faliures, notably high latency, and software bugs, that plagued the cryptocurrency exchange from the start and played a part in its financial collapse in 2022.

FTX token FTT jumps 12% on the news

FTX’s FTT jumped as much as 12% on the news before dropping back again. At the time of writing, FTT is trading at $1.07, up nearly 9% in the last 24 hrs. The defunct exchange’s token is down nearly 99% from its all time high of $85.02 back in September 2021.