Tuesday, April 23, 2024
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Bankrupt FTX will Reopen its Bitcoin Exchange

John Ray say defunct FTX strives to revive main international bitcoin.

Ray stated that the company “has started the process of contacting interested parties to the reboot of the FTX.com exchange.”

The business is preparing to relaunch its primary platform after a contentious collapse in 2021. Given the astonishing $9 billion in stolen client monies and the damaged reputation, this is an enormous task.

The defunct cryptocurrency business has been in discussions with investors about funding a prospective relaunch of the FTX.com exchange through mechanisms like a joint venture.

As a result of its stunning collapse, which sent tremors through the digital assets market, FTX filed for Chapter 11 bankruptcy protection in the United States in November.

Customers of Sam Bankman-Fried cryptocurrency exchange withdrew billions of dollars in the days preceding the disaster, limiting the company’s liquidity.

The most high-profile failure in cryptocurrency in recent years was caused by a rescue agreement that failed with a competing exchange, Binance.

Since then, the industry has struggled under the attention of international regulators and FTX founder Bankman-Fried is being sued by the US government on charges of fraud.

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