FTX Confirmed FTX 2.0 Plan, FTT Token Rapid Growth 17%

Key Points:

• FTX CEO John Ray III considered a plan to restart the bankrupt crypto exchange.
• A recent court filing revealed that there is a bidder list that is likely to include investors interested in FTX 2.0.
• The bankruptcy exchange’s native token, FTT has surged more than 17% following the latest developments.

The bankrupt crypto exchange FTX has announced it will be relaunched by new management under the leadership of current CEO John Ray III.

According to a filing filed earlier today with the United States Bankruptcy Court for the County of Delaware, John Ray III charged the company’s bankruptcy estate more than $290,000 for his services. In addition, FTX had to pay an additional $1.3 million to other employees in the bankrupt unit that took over the platform.

While the majority of his services involve day-to-day administrative and legal work, some of the activities mentioned in the filing reveal that the CEO is working on a plan to restart FTX 2.0. These plans regarding the possible restart of the crypto exchange were shared by Sullivan & Cromwell in bankruptcy court last month.

These activities include advising cybersecurity firm Sygnia to strengthen its international crypto platform, reviewing the terms sheet for an exchange restructuring plan, exploring the following steps to launch the exchange, and reviewing and finalizing the FTX 2.0 document for distribution to investors.

CEO Ray also reviewed the summary of steps submitted by investment bank Perella Weinberg Partners LP regarding the restart plan. The CEO regularly contacted the investment bank to discuss the restart plan throughout the weekend.

Court filings further reveal that John Ray III reviewed the list of bidders for FTX 2.0. As previously reported, venture capital firm Tribe Capital expressed interest in restarting the bankrupt crypto exchange.

The latest development sent the native token’s FTT price up 17%, reaching a peak of $1.16 before dropping to its current trading price of $1.14.

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