Plans for FTX 2.0 in the Works

Plans for FTX 2.0 in the Works



In a new staffing and compensation report submitted on Monday to the United States Bankruptcy Court for the District of Delaware, plans to relaunch the bankrupt cryptocurrency exchange FTX were confirmed.



According to the letter, the troubled crypto exchange's acting CEO John J. Ray III spent hours in April engaged in a variety of activities to come up with a revival strategy.



After FTX recovered around $7.3 billion in distributable assets last month, Andy Dietderich, the exchange's lawyer, stated that the legal team would talk about the next steps for a potential relaunch and intended to submit a draft reorganization plan in July. He continued by saying that it was anticipated that the proposal will be confirmed in Q2 2024.



A few days later, news broke that San Francisco-based venture capital company Tribe Capital was


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#Bitcoin, #Cryptocurrency, #Cryptonewstoday, #FTX, #TribeCapital

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