FTT Blasts 35% Off on FTX Revival Ideas

The price of FTT – the native token of the once leading cryptocurrency exchange – has soared by more than 35% in the past 24 hours following an announced rebooted bidding process.

The coin has been in a steep decline since the market close in November.

• according to a recent news reportsJohn Ray, the current CEO and chief restructuring officer of FTX and its affiliated lenders, said the company has moved forward with its plan to reboot.
• Notably, the former crypto giant has “initiated the process of soliciting interested parties to relaunch the FTX.com exchange,” he explained.
• A possible restart of the platform could be financed by investors, with blockchain lending company Figma believed to be one of the interested entities.
• FTT reacted positively to the rumours, surging by over 35% on a daily basis. At the time of writing these lines, it is trading at a two-month high of around $1.70, while a few hours ago, it touched $1.83 (according to CoinGecko data).

• CEO Ray has supported the plan to revive FTX since replacing Sam Bankman-Fried. The idea is backed by well-known names in the finance world including Tribe Capital Agreed Leading a $250 million fundraising campaign.
• a court filing from last month where Ray mentioned That the restructuring would involve a bidding process, rumors intensified.
• The new boss has criticized the former management team, Saying They misappropriated customer deposits and misused customers from day one.
• He claimed that FTX owed $8.7 billion when it filed for bankruptcy protection last November. However, Ray and his associates have so far recovered about $7 billion in liquid assets.

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