FTX token jumps after CEO says “viable business” could emerge from bankruptcy

Source: Yahoo! News

“FTX’s CEO, John Jay Ray III, said Thursday he’s open to reviving the bankrupt exchange if the move provides a pathway to return money to the crypto trading venue’s customers and other creditors. ‘Everything is on the table,’ Ray told the Wall Street Journal in an interview published Thursday. ‘There are stakeholders we’re working with who’ve identified what they see is a viable business.’ Following this interview, the crypto exchange’s token, FTT (FTT-USD), gained as much as 35%. FTT has lost 90% of its value since the end of October 2022. At its peak in September 2021, FTT traded north of $70 per token. The collapsed crypto exchange said Tuesday it has identified $5.5 billion of liquid assets, but also stated based on current estimates both the company’s international and U.S. based exchange still face a ‘substantial shortfall’ from what the trading venues owe customers.” (01/19/23)