FTT token jumped 17% on news of FTX relaunch work

FTT token jumped 17% on news of FTX relaunch work

Author: Robert Strickland (crypto-journalist)

FTT token jumped 17% on news of FTX relaunch work
The FTT cryptocurrency jumped 17% on news that FTX manager John Ray is working on restarting the bankrupt exchange
A report from bankrupt exchange manager John Ray revealed that he is working on developing a plan to rebuild the crypto platform

The value of the FTX token (FTT) rose 17% after it was reported that the bankruptcy administrator of the FTX exchange, John Ray, is considering restarting it.

The value of FTT rose from $0.99 to $1.16 at the moment. According to CoinGecko, as of 10:30 Moscow time, the price of FTT is hovering around the $1.07 mark, with a token trading volume of $22.2 million in the last 24 hours.

The token rate rose sharply at midnight Moscow time when a member of the FTX lender community wrote on Twitter that "FTX CEO John Ray III confirms plans to launch FTX 2.0."

The information is based on Ray's April performance report posted on the Kroll law firm's website on May 22. FTX creditors pointed out that the head of FTX spent more than 6.5 hours reviewing materials related to the FTX relaunch (FTX 2.0) - the terms of reference, plans, comments, and next steps in that direction.

"Reputation Worst. How the restart of the FTX exchange might go

The question of re-launching the bankrupt crypto exchange has been studied by managers for months. In January, Ray said he was considering re-launching FTX.com to recoup losses from creditors and customers.

At a court hearing in early April, FTX bankruptcy attorney Andy Ditderich of Sullivan & Cromwell said FTX plans to present a preliminary reorganization plan in July. He said the plan could include a restart of the platform.

Other news

We've sold everything. Expert names reasons for crypto market downturn
The losses of miners after the halving were estimated at $10 billion. Where does this figure come from?
Robert Kiyosaki cited reasons for not investing in Bitcoin via ETF.
Chapter Hut 8 CEO Discusses Banks' Interest in Buying Bitcoin from Miners
Expect volatility. What will happen to Bitcoin in the coming week?
The head of BlackRock has stated about the potential of Bitcoin