• FTT price has surged more than 131% over the past 15 days following news of FTX revival plans
• John J. Ray III, current CEO of the bankrupt exchange, is exploring avenues of restarting the exchange
• SBF claimed FTX US remained solvent and had a surplus to cover US customer claims
FTT Price Rallies On Revival Speculations
FTT price has painted a bullish rally that saw its price more than double in 15 days. The latest cues come from FTX chief’s plans to revive the crypto exchange. In an interview with the Wall Street Journal, John J. Ray III, current CEO of the bankrupt exchange, said he has set up a team to explore avenues of restarting the exchange. Several customers have suggested that there might be some value in rebooting the exchange. The FTX CEO supported this idea after taking over from Sam Bankman-Fried, FTX’s former CEO, who is currently facing federal fraud and other criminal charges.
Liquid Assets Found To Recover Customer Assets
Earlier last week, FTX disclosed it had found $5 billion in liquid assets and a $4.6 billion investment portfolio which could help recover customer assets. Meanwhile, Ray’s forensic team continues to comb through over 30 terabytes of data to find information that could lead to more funds. Customers viewed the recovery as a good sign but it remains to be seen how much of these funds can be actually realized by them.
SBF’s Estimate Of Bank Balances
Bankman-Fried has been critical of Ray’s handling of FTX and shared a table of estimated FTX bank balances on post which showed that there was surplus money in order to cover US customer claims. However, Ray pointed out that Bankman-Fried had included $250 million from Alameda Research which is itself under investigation for misappropriating customer funds from FTX International.
FTT Price Gains Over 32% In Single Day
Meanwhile FTT price has been rallying upward since June 15 and jumped over 32% on June 28th which was FTT’s largest single day gain since April 12 earlier this year. But traders seem to be booking profits as FTT price dropped more than 12% since then and if trend continues it might drop further near $1.62 level soon enough..
The revival speculations regarding FTX have sent positive vibes among customers who are expecting their funds back but until now no concrete decision or steps have been taken by John J Ray III regarding reviving or recovering customer assets effectively .