FTX’s native token FTT has surged more than 10% after it emerged that CEO John J. Ray III is considering a plan to “revive” the crypto exchange that went bankrupt since the end of the year. last.
According to court filings disclosed on May 22, the CEO of the FTX exchange that went bankrupt in late 2022 has highlighted a number of personal activities that could restart FTX.
In it, Ray mentioned that he spent about 7 hours on activities related to the restart of the exchange in April 2023 with the payment amount up to more than 8,000 USD.
Although there are no official reboot plans, Ray revealed that he has been thinking about this direction since January 2023. At the time, the director established a special department to investigate the possibility of relaunching FTX.com.
In particular, speculations about a restart increased as FTX postponed the process of a potential sale to the Japanese subsidiary to explore reopening.
It is known that information about FTX being able to resume operations has created a lot of debate in the crypto community in the past few days.
One Twitter account advocated the exchange’s restart, claiming the exchange’s restart would be quicker than any attempt at liquidation. However, they questioned the economics of restarting the exchange, wondering which US institutions would be willing to partner with the company.
The content of the question posted by this person on Twitter is as follows:
“Do you really think the US government would let a foreign entity and the US operate without any legal action? Then who will be the bank for the biggest scam brand in the world?”
Another crypto enthusiast, Blessing Olaoye, described the news of the possible reboot as another way to pump FTT tokens before selling them all back.
Accordingly, the above information pushed FTX’s FTT token up 12% within 24 hours, to $1,123. However, this price has now been reduced to 1.02 USD.
Reportedly, FTT experienced a heavy sell-off after Binance moved it into the innovation zone on May 10. At the time, the exchange also moved the native tokens of other bankrupt companies such as Voyager to this classification.