After collapse, FTX studies reopening its cryptocurrency platform under a new brand

The failed FTX, under new management after its collapse last year, has initiated contacts with a view to reopening its international cryptocurrency platform, The Wall Street Journal (WSJ) reported on Wednesday.

The company has begun the process of contacting parties interested in participating in a possible reopening of FTX.com, the firm’s own CEO confirmed to the newspaper, John J Ray IIIwhich took over it last November after its bankruptcy declaration.

According to anonymous sources cited by the WSJ, FTX has already been in contact with some investors about the possibility of establishing a joint project so that the platform can operate again, although it would probably do so under a new brand.

At the time of his fall, FTX It was one of the largest cryptocurrency operators in the world and its current management considers that its business model was viable and that the problems arose from the alleged criminal conduct of its previous managers.

The platform quickly went under last November after many users rushed to withdraw their funds amid reports casting doubt on the company’s solvency.

As a result of that collapse, the US authorities accused its founder, Sam Bankman-Fried, and other heads of FTX and Alameda Research, its investment arm, of a gigantic fraud in the management of his business, which had made the young businessman a billionaire and one of the most influential figures in the world of cryptocurrencies.

According to the trustees who took over after the bankruptcy, Bankman-Fried it had left a hole of some 9,000 million dollars that it has been seeking to remedy with asset sales and recovering money from donations and investments that had been made with client funds.

Meanwhile, Bankman-Fried He is awaiting trial, charged with various counts of fraud and his most recent attempt to have part of the charges dismissed was rejected on Tuesday.

So far, three of his former partners have already admitted their guilt before the Prosecutor’s Office and have shown themselves willing to collaborate with the investigations.