According to a report from the Wall Street Journal on June 28, John Ray, FTX’s restructuring director, stated that the company has “begun the process of attracting interested parties to relaunch the FTX.com exchange.”
According to the report, potential bidders have until the end of the week to submit Expressions of Interest – a document outlining their proposed terms and conditions of participation.
Notably, sources indicate that current creditors of FTX may have the opportunity to receive equity in the reorganized cryptocurrency exchange, along with other forms of compensation.
It is expected that FTX will not be renamed as “FTX 2.0” or any other derivative product from its original name, and instead will choose to rebrand as a different entity.
Overall, it appears that Ray and the remaining members of the team at FTX see the relaunch as the best way to repay the creditors.
FTX’s legal team stated in April that they hoped to launch the new exchange by Q2 2024.