Bankrupt FTX, a leading international cryptocurrency exchange, is making strides in its efforts to revive its operations, as reported by the Wall Street Journal. According to CEO John Ray, the company has begun the process of seeking interested parties to reboot the FTX.com exchange. The report also mentions that FTX has been in discussions with investors about potential backing, including the possibility of a joint venture. However, FTX debtors declined to comment on the details of the report.
FTX’s downfall, which caused significant turmoil in the digital assets industry, led to the filing of Chapter 11 bankruptcy protection in the US in November. Prior to the collapse, customers withdrew billions of dollars, resulting in a severe liquidity crisis for the company. Despite attempts at a rescue deal with rival exchange Binance, FTX’s decline became one of the most prominent collapses in recent crypto history. The industry as a whole has faced increased scrutiny from global regulators, while FTX founder Sam Bankman-Fried is currently being sued by the US government on charges of fraud.
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