The defunct cryptocurrency exchange FTXthat froze millions of users' access to their accounts, could return under the leadership of its new CEO John Ray III.
What happened: In an interview with The Wall Street Journal, Ray said a working group has been formed to look at the feasibility of reviving the company's main international exchange, FTX.com.
Some users praised the platform's technology and stated that it would be beneficial to restart the exchange despite the fact that the founder Sam Bankman-fried and senior executives gary wangY carolina ellison have been accused of criminal activity.
โEverything is on the tableโ, Ray saying to the Journal. "If there's a way forward in that, then we're not just going to explore it, we're going to do it."
The executive also said he will investigate whether restoring the global FTX exchange would provide greater value for the company's clients than liquidating assets or selling the platform.
โThere are stakeholders that we are working with that have identified what they see as a viable business,โ he said.
Because it is important: The FTX bankruptcy was the biggest of several failures in the fledgling cryptocurrency industry in the past year, the Journal noted, with other companies including Celsius Network LLC, digital traveler Ltd and BlockFi Inc. are also using the Chapter 11 process to explore reviving their companies or selling their platforms to more powerful rivals.
Even if the restart is successful, the outlook for FTX customers remains uncertain.
Read below: Crypto Exchange FTX US Suffers $90 Million in Unauthorized Transfers After Bankruptcy
