FTX Exchange Plans Restart, Sparks 10% Rise in FTT Price

FTX is in the early stages of restarting its exchange services for international customers. The plan will require some claimants to agree to pool their assets towards the purpose.

Bankrupt crypto exchange FTX is working on restarting services for customers outside the United States. The FTX token has risen by 10% as a result of the news.

FTX Plans Restart for International Customers

The Wall Street Journal first reported a potential restart back in June 2023, stating that the plan was to revive the international exchange. At the time, the WSJ cited CEO John Ray as saying that it has,

“Begun the process of soliciting interested parties to the reboot of the FTX.com exchange.”

The effort will not doubt raise some eyebrows among both lawmakers and the crypto community. The exchange’s reputation has taken a huge hit, and the complicated process of compensating creditors is still being tackled.

The FTT token saw a sizable gain following the news. Over the past 24 hours, it has increased by about 10% to $1.47. It reached $1.59 shortly after the news but continues to show some momentum.

The bankruptcy administrators filed the plan for the restart. It shows that the claimants have been separated into different groups, one of which is called ‘dotcom customers.’ This group relates to the international group of customers.

The dotcom customers are a third-party group that has to agree to the idea of being rebooted. They will have to pool their assets to create an offshore exchange company. Whether this will take place remains to be seen, but it’s a remarkable development nonetheless in the FTX saga.

There have been many recent developments with respect to FTX and Sam Bankman-Fried in the past few weeks. FTX and Genesis Global have agreed to resolve their dispute, according to reports. Meanwhile, a judge has issued a gag order on former Bankman-Fried.

The United States Department of Justice has also doubled its effort to incarcerate Bankman-Fried. FTX itself has sued the former CEO and executives for allegedly misappropriating $1 billion of funds.