February 23, 2024

According to the Wall Street Journal, FTX is looking to revive its cryptocurrency exchange.

Once leading cryptocurrency exchange FTX suffered a massive crash and filed for Chapter 11 bankruptcy in November 2022, the exchange is reportedly exploring the possibility of reviving the FTX.com exchange.

this wall street journal FTX’s newly appointed CEO, John Ray, has reportedly said that the firm has begun “soliciting interested parties to restart the FTX.com exchange.”

FTX experienced a severe liquidity crisis in November, causing customers to withdraw about $6 billion in funds fearing their assets would not be safe on the exchange. The cryptocurrency empire led by Sam Bankman-Fried (SBF) has crumbled following news that FTX and its sister trading firm Alameda Research have been sharing assets to improve the company’s balance sheet.

FTX’s improper trading of client funds through Alameda led to SBF’s resignation as CEO of the exchange. The disgraced CEO has been charged with various federal crimes, including money laundering, fraud and conspiracy to commit wire fraud.

SBF’s request to dismiss charges denied

On Tuesday, New York federal judge Lewis Kaplan be rejected The FTX founder has asked to dismiss most of the criminal charges brought against him over the exchange’s collapse.

The disgraced founder, who has pleaded not guilty to all charges, is now accused of misleading investors and lenders.

Bankman-Fried is due to stand trial in October.

FTX Stops Selling Its Stake in Anthropic

Bloomberg It was reported earlier this week that FTX planned to sell its stake in artificial intelligence platform Anthropic, but has decided to put the sale on hold.

FTX currently holds more than $500 million worth of Anthropic stock, and the exchange did not provide specific reasons for stopping the sale.

FTX management repossesses $7B in liquid assets

FTX’s newly appointed management team announced this week that it has made “substantial progress” on asset recovery. The company revealed that it has recovered $7 billion in liquid assets to date.

The company’s new management released an investigative report written by John Ray explaining the truth of what happened at the exchange.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.