Bankman-Fried Sees a Future for FTX

  • Sam Bankman-Fried Calls Potential FTX Relaunch a "Productive Path Forward"

  • The announcement prompted the FTT token to climb by more than 26%.

  • Experts believe that recovery from this point is nearly impossible.

10 Dec 2022 By: Shikha Jha
Bankman-Fried Sees a

The FTX collapse was one of the year's most high-profile debacles, 

Going toe-to-toe or even surpassing the Terra Luna crash. 

The failure of FTX rippled throughout the crypto sector, affecting the whole of Bankman-Fried's previously extensive crypto empire. Companies with FTX exposure weren’t left out of the debacle as seen by the Solana ecosystem's considerable losses following the crash.

Overall, both FTX and SBF have received a lot of negative attention, making the chances of a resurgence extremely low. Even as several regulators investigate the collapsed exchange alongside its founder, FTX is still in bankruptcy proceedings. Furthermore, records indicate that SBF is facing seven class action lawsuits as a result of its platform's collapse.

However, FTX founder and CEO Sam Bankman-Fried is still optimistic about the firm's chances of recovery. In response to a recent tweet, the troubled founder stated that reopening the exchange could help the platform get back on track.

SBF’s Recovery Plan For FTX

Sam Bankman-Fried stated that re-launching the FTX exchange and issuing a new FTT native token would be a productive path forward. The announcement has sent the price of the FTT token to surge significantly.

Bankman-Fried makes the remarks in response to Neunber's proposal to re-establish FTX in order to raise funds and repay creditors, which the founder of the bankrupt crypto exchange termed as "a productive path for parties to explore."

After the collapse of FTX, the former CEO has remained active on social media, promising users to return their funds amid the ashes of what was once the third-largest cryptocurrency exchange.

Meanwhile, FTX's new CEO, John J. Ray III, a veteran lawyer who managed Enron's bankruptcy, has his hands full in trying to not only recover the exchange's clients' misplaced assets but also mitigate the damage caused by Sam Bankman-Fried's characteristically foolish speculations.

Is there any chance for FTX's recovery?

Experts believe that FTX is currently engaged with much more pressing matters. A bankruptcy proceeding is underway, and officials are still investigating in Bankman-Fried and FTX. At this point, it's impossible to say whether a prospective step ahead is even possible.

Meanwhile, following the announcement the FTT token jumped by more than 26%. The token is currently trading at $1.68.

Do you think this ‘move forward’ potential is even possible in light of the ongoing government investigations against FTX and SBF? Share your thoughts in the comment section below.

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