The bankrupt crypto exchange FTX plans to revive its flagship crypto exchange with a rebranding. However, some community members call it “flagship manipulation.”
FTX, once considered the second-largest crypto exchange, has been undergoing bankruptcy proceedings for over seven months.
Early Talks With Investors for FTX Revival
According to WSJ, FTX has begun early talks with investors for the revival of the FTX.com crypto exchange. The people familiar with the matter said that the company would likely rebrand itself along with restarting operations.
Moreover, the customers who lost their funds on the platform might get compensated by offering stakes in the rebranded business.
The WSJ report mentioned that the blockchain company Figure is interested in participating in the FTX revival process. This week, FTX will also accept proposals from other interested companies.
Some community members called it a “flagship manipulation,” but others said they might use the product “if it’s run by entirely different people.”
In January, the current CEO of FTX, John J. Ray III, hinted towards the possibility of the exchange’s reopening. Meanwhile, the new team has been working to claw back funds and make the depositors whole.
Read the full background of the FTX collapse here.
In a separate development, FTX pulled out from selling its stake in the artificial intelligence (AI) startup Anthropic despite the startup achieving a $4.6 billion valuation due to the AI boom this year. Just before bankruptcy, FTX and Alameda invested $500 million in Anthropic.
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