In a recent court filing on May 22, it appears that plans are underway to revive FTX, the popular cryptocurrency exchange. The filing suggests that a restart of the platform, known as FTX 2.0, is in motion and nearing completion. FTX creditors, closely monitoring the exchange’s developments, drew attention to a compensation report submitted by the company’s bankruptcy lawyers, indicating that the process was in its final stages.
FTX CEO John Ray III confirms FTX 2.0 plans. pic.twitter.com/FeCXOvdrt0
— FTX 2.0 Coalition (@AFTXcreditor) May 22, 2023
FTX CEO, John Ray III, who has been overseeing the bankruptcy proceedings, listed several noteworthy items in his billable hours that strongly imply the impending relaunch. These items include a term sheet for structuring the exchange, a review of the FTX 2.0 next steps summary, and finalizing materials related to the reboot for distribution. Moreover, the document reveals that Ray has been in constant communication with investment bank Perella Weinberg Partners LP, specifically regarding the 2.0 reboot plan over the past weekend.
Despite uncertainties surrounding FTX’s relaunch, the exchange’s native token, FTT, experienced a surge of as much as 15% on Monday. Notably, industry experts have expressed their skepticism about any potential connection between FTT and the revived FTX.
Yea, don’t know who needs to hear that. The FTT token extremely unlikely to have any relation to FTX ever again for myriad reasons. FTT tokens likely just “collectibles” now. Similar (but less confident) logic applies to idea of new FTX integrating defi or Solana or whatever./1 https://t.co/M1NAXOzNZA
— Ari Paul ⛓️ (@AriDavidPaul) April 13, 2023
FTX’s lead bankruptcy attorney, Andrew Dietderich, disclosed during a court hearing last month that the company was considering an exchange restart as part of a comprehensive reorganization plan with the objective of returning assets to creditors. This disclosure sparked a series of reports indicating that venture capital firm Tribe Capital was actively seeking to lead a $250 million fundraising campaign in support of FTX’s resurrection.
Further evidence pointing to an imminent exchange restart emerged from April’s court filings, wherein lawyers revealed a search and onboarding process aimed at recruiting new developers for the “restart project plan.”