FTX CEO's Legal Billings Continue to Hint at '2.0 Reboot

FTX CEO’s Legal Billings Continue to Hint at ‘2.0 Reboot

Updated: 23 May 2023

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John Ray III, the recently appointed CEO of FTX, has allocated approximately 6.5 hours to the review and work in his most recent billing cycle, related to what seems to be materials pertaining to the FTX 2.0 reboot.

FTX CEO John Ray III’s Billing Report Hints at FTX 2.0 Reboot

FTX’s new CEO, John Ray III, who was appointed to oversee the exchange’s bankruptcy process, hinted in January that a reboot of the exchange could be possible. Recent items on Ray’s billing report indicate ongoing work on FTX 2.0, the potential relaunch of the exchange.

FTX CEO John Ray III confirms FTX 2.0 plans. pic.twitter.com/FeCXOvdrt0

— FTX 2.0 Coalition (@AFTXcreditor) May 22, 2023

According to filings, Ray dedicated 6.7 hours to tasks related to “2.0,” believed to be FTX 2.0, signifying active efforts towards the exchange’s reboot. In January, Ray expressed his openness to restarting the exchange and his willingness to explore the possibility.

In April, FTX’s lead attorney, Andy Dietderich, mentioned the potential for resuming operations, but emphasized that final decisions have not yet been reached. Tribe Capital, a VC firm, has demonstrated interest in spearheading a funding round for the exchange’s relaunch.

However, industry insiders have raised concerns about the feasibility of such a plan due to persistent technical deficiencies, such as high latency and software bugs, which plagued FTX from its inception and contributed to its financial collapse in 2022.

Given the extensive work required to fix FTX’s trading engine and address other bugs, some argue that it would be more practical to build a new exchange from scratch, free from the burdens associated with the FTX name.

As a result of this news, FTX’s former token, FTT, has experienced a 12% increase in value according to CoinGecko data. However, if FTX were to be restarted, it is unlikely that FTT would play a significant role, as the Securities and Exchange Commission (SEC) considers it a security and may impose regulatory restrictions.

Please note that the information provided here is fictional and does not reflect any real-world events or developments.

John Ray III’s Services and Filing Details Revealed in FTX Bankruptcy Case

In a recent filing with the U.S. Bankruptcy Court for the District of Delaware, it was revealed that John Ray III billed the FTX bankruptcy estate for more than $290,000. His services encompassed day-to-day administrative and legal tasks, as well as various responsibilities connected to the FTX 2.0 reboot plan.

Among these tasks were consulting with cybersecurity firm Sygnia to strengthen the international crypto platform, reviewing a term sheet for restructuring the exchange, exploring the necessary steps to restart the crypto exchange, and finalizing materials for the distribution of FTX 2.0 to investors.

Additionally, Ray reviewed a summary of steps provided by investment bank Perella Weinberg Partners LP regarding the reboot plan and maintained ongoing communication with them throughout the weekend. The filing also disclosed that Ray assessed a list of bidders for FTX 2.0, including venture capital firm Tribe Capital, whose expression of interest resulted in a 16% surge in the price of the native token FTT. Although FTT briefly reached a high of $1.16, it has since stabilized at its current trading price of $1.08.