When the new boss of FTX, John J. Ray III, told The Wall Street Journal in January that he was thinking of rebooting the disgraced cryptocurrency exchange, the comment made a splash in the industry.
Before spectacularly collapsing in November, FTX had been one of largest players in crypto, with an especially big presence in derivatives trading. So a resurrection was tantalizing – both for Ray, whose job is to maximize how much money creditors recover, and for its former customers.
But interviews with major trading firms who once did business at FTX raise questions about whether there’s really anything worth bringing back, possibly explaining why no public progress has been made since Ray’s ear-catching comments two months ago.
(By Oliver Knight, Helene Braun)
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