FTT token price soars after FTX CEO floats exchange restart

Quick Take

  • FTT is up 3o% following FTX’s new CEO’s comments on the future of the crypto exchange.
  • John Ray III said that the option of restarting the exchange is on the table.

FTT, the token tied to bankrupt crypto exchange FTX, shot up 30% after the exchange's new CEO suggested that FTX.com might be restarted.

The token was trading at around $2.28 as of 11:20 a.m. ET, according to data from TradingView.

John Ray III, who is overseeing the bankruptcy and restructuring of the FTX business empire, said that he had put together a task force to explore restarting FTX.com, according to an interview with the Wall Street Journal.

"If there is a path forward on that, then we will not only explore that, we’ll do it," he said. "There are stakeholders we’re working with who’ve identified what they see is a viable business."

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from former FTX and Alameda founder Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.


© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.