Key Point

• Court filing reveals that John Ray, the CEO of FTX has been meeting with debtors and creditors of FTX for restructuring plans 

In order to redeem the image of the meltdown crypto exchange FTX, the CEO of the exchange has confirmed plans to launch a new FTX crypto exchange, but the question remains, will the community trust them or take them seriously?

Let us recapitulate, before November 2022, FTX led by its former CEO Sam Bankman-Fried was one of the world’s leading cryptocurrency exchanges, it suddenly crashed in November last year and wiped billions of dollars out of the cryptocurrency market, prolonging the 2022 crypto winter.

Shortly after the event, the exchange filed for bankruptcy protection and its former CEO stepped down as the leader of the company after which he was arrested in the Bahamas and extradited to the US.

However, the new leader of the exchange John Ray in a new filing appears to be looking at a restructuring plan which is launching a new FTX called FTX 2.0.

Per the filing, the exchange’s CEO has been meeting with both creditors and debtors of the firm about the restructuring plans and the firm is likely to end up being bid for.

Following the publication of the filing on May 22, the FTX native token jumped by 13%, and in addition to this, the move was applauded by FTX creditors and the entire crypto community.

“The history books will forever record the fact wassies saved a multi bn $ blow up,” said one of the creditors in a tweet.

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