Crypto News

FTX CEO John Ray Considers Reviving Failed Crypto Exchange

FTX CEO John Ray

FTX, a cryptocurrency exchange, is considering reviving its international trading platform,, according to CEO John J. Ray III.

In an interview with the Wall Street Journal, Ray stated that some customers still see value in rebooting the exchange, despite its founders and former executives facing accusations of criminal misconduct.

Ray is looking into whether reviving would compensate its customers better than selling or liquidating the exchange’s assets.

The bankrupt Bahamas-based exchange and its legal partner, Sullivan & Cromwell, stated in a legal disclosure that and FTX US have a “substantial shortfall of digital assets”.

The disclosure also revealed that lost around $323 million in crypto assets to hacks after filing for bankruptcy and $426 million in crypto was transferred to the Bahamian authorities.

The team said it flagged a total of $5.5 billion worth of liquid assets for recovery, which includes $1.6 billion in crypto assets.

However, founder and former CEO Sam Bankman-Fried argued that the figures in the disclosure related to FTX US were inaccurate and claimed that the US arm is still solvent.

He did not comment on data regarding FTX and sister hedge fund Alameda Research filed for Chapter 11 bankruptcy protection on November 11th, after falling into a liquidity crunch that followed revelations of inappropriate disclosure of reserves and misappropriation of client funds.

Bankman-Fried has been accused of eight charges including wire fraud and conspiracy to commit money laundering, and he pleaded not guilty to fraud charges earlier this month.


Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.