Authorities conveyed that the failure of FTX was among the biggest financial scams in the history of the US. Even then people have not stopped wanting the cryptocurrency exchange to be functional again.
Regardless of the FTX collapse, some loyal customers of FTX exist. They monitor the financial statements of the exchange in court and post the details regarding everything online.
Sunil Kavuri is one of the creditors of FTX with much of his money stuck in the exchange. He conveyed that the group of people that destroyed FTX is not a part of the exchange anymore.
Currently, he is suing the ex-CEO of FTX – Samuel Bankman-Fried – along with several famous personalities who supported FTX.
He added that the firm has the potential to generate profits, so he cannot understand the reason behind taking apart such a business. Due to such comments by FTX fanatics, people have been confused about the whole situation.
Ex-FTX CEO Faces Prison; Customers Demand Exchange Reboot
The ex-CEO of FTX is charged with utilizing FTX client money to establish his cryptocurrency business, Alameda Research, bank scams, spending money on illicit political matters, and so on.
He did not plead guilty to the charges mentioned above. Though, if he does, he will have to spend the entirety of his life in jail.
A couple of Bankman-Fried’s close friends have pleaded guilty to the charges and will be attesting in opposition to him soon in court.
Regardless of this, some of the customers of FTX require the exchange to be operational again since they believe there is a value attached to the firm.
FTX failed around last year. It was announced the exchange did not have $8 billion in client funds and the ex-CEO walked out of the headquarters under custody. Several of the clients could not access their accounts after.
Even though the authorities have announced all of the details regarding fraudulent behavior committed by the FTX team, people still want the business to be rebooted.
The latest CEO of FTX is John Ray III. He is renowned for gaining profits for creditors and is working on the exchange. He has been managing the exchange ever since November.
Supporters Pushing for the Revival of FTX
Many comments have been passed. The one by Ray caused the price of FTX’s token to leap, though lawyers have mentioned FTT as a valueless product.
Travis Kling works at Ikigai Asset Management as the chief investment officer. He believes that the rebooting is among the top bullish results for creditors. He possessed most of the commodities on FTX.
The firm’s management has been emphasizing selling a few items of the firm, in order to retrieve the money in court, and collaborating with the authorities dealing with the ex-CEO’s case.
Up till now, Ray has not given any sort of sign to the masses of a reboot occurring soon, if it really were to happen.
Those supporting the rebooting of FTX, which seems like a highly doubtful idea, have been monitoring the actions of the court proceedings.
There have been meetings going on regarding the restart of the exchange, as per the statements issued in court. Paul Hastings and the authorities did not have anything to say regarding it.
Matthew Gold also had things to say about the ongoing situation. He works at Kleinberg, Kaplan, Wolff & Cohen as one of the partners.
Gold conveyed that Ray is supposed to try his level best to increase the worth of the FTX commodities, though it might be too soon to decide if rebooting FTX will be the right option.
If there is a plan being discussed regarding the reboot, it would require an acceptance by the bankruptcy court.
There Might be a Possibility
Advocates of the restart of FTX are aware of the fact that they were deceived by Bankman-Fried and the rest who were a part of the plan.
Regardless of this, they want the exchange to restart as they believe the firm should outlive the dishonorable creators.