FTX begins talks to relaunch international cryptocurrency exchange

Bankrupt FTX is reportedly moving ahead with efforts to revive its flagship international cryptocurrency exchange

Updated - June 29, 2023 01:19 pm IST

Published - June 29, 2023 11:25 am IST

Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange. [File]

Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange. [File] | Photo Credit: REUTERS

Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, the Wall Street Journal reported on Wednesday, citing CEO John Ray.

The company "has begun the process of soliciting interested parties to the reboot of the FTX.com exchange," Ray said, according to the Journal's report.

The failed crypto company has been holding talks with investors about backing a potential restart of the FTX.com exchange through structures such as a joint venture, the report added citing people familiar with the discussions.

FTX debtors declined to comment on the report.

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In November, FTX filed for Chapter 11 bankruptcy protection in the United States following its spectacular collapse that sent shivers through the digital assets industry.

In the days leading up to the failure, customers of Sam Bankman-Fried's crypto exchange withdrew billions of dollars, hobbling the firm's liquidity. A rescue deal with rival exchange Binance also fell through, precipitating crypto's highest-profile collapse in recent years.

The industry has since been reeling amid the scrutiny of global regulators, while FTX founder Bankman-Fried faces a criminal lawsuit by the U.S. government for alleged fraud.

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