The Wall Street Journal stated that the current CEO of FTX, John Ray, has begun negotiations with parties interested in restarting FTX. FTX may be renamed, and compensation for old users may include providing equity.

FTX may rename and start again

According to reports, FTX’s current CEO John Ray said that he has begun discussions with parties interested in restarting FTX.

John Ray also emphasized to the Wall Street Journal in January this year that although FTX was involved in illegal activities, users and stakeholders expressed that the exchange’s business model was feasible.

Therefore, after John Ray took over, he continued to negotiate with investors to discuss the possibility of restarting FTX. FTX may be renamed, and compensation for old users may include providing equity.

Celsius bidders interested

Reports indicate that Figure, a blockchain technology company owned by an investment group that also participated in the bid for bankrupt platform Celsius, is interested in restarting FTX.

In addition, institutions interested in refinancing and restarting FTX must submit a preliminary letter of intent to the restructuring team and consultants this week.

As for FTX.US, the restructuring team has never mentioned the possibility of restarting.

As previously reported, bankruptcy restructuring tracking account @AFTXcreditor tweeted on June 15 that the sale process was underway and bidders could take over the trading operations. More details will be announced after the restructuring plan is released in July.

(Review report: FTX is expected to open a creditor claims website on July 3 and release a restructuring plan in July)

This seems to be consistent with the statement that "a preliminary letter of intent for restart needs to be submitted this week" in terms of timetable.

This article Wall Street Journal: FTX begins to discuss the possibility of restarting with all parties, and relevant parties need to submit letters of intent this week. First appeared on Chain News ABMedia.