May 25, 2024 12:00

Hong Kong crypto exchange folds to regulatory pressure

Gate.HK plans a major overhaul to comply with regulations and aims to relaunch services after obtaining the necessary licenses.

Jun 26, 2023 08:55

FTX 2.0: Fallen Crypto Giant has Quietly Been Preparing to RE-LAUNCH...

FTX may be making headlines again soon, and finally not for more details on their spectacular fall from grace, actually, the total opposite - their potential resurrection!

In April we broke the story of an FTX relaunch even being a possibility, when our source inside the new FTX team told us they were considering two options - to pay back what they can and then close for good, or, the more intriguing option, re-open FTX for trading.

At that time they had just begun researching sentiment among former users, asking if all their funds had been returned to them, and knowing Sam Bankman-Fried was gone for good, would they consider trading at FTX again?

Then, if they determined enough users would return, they would still need to convince their larger backers, some of whom are owed millions, to go awhile longer or accept a smaller payment at first. However, if they support FTX's re-opening they could get 100% of their money back in the long run, because FTX would once again be generating profits.

That's Where We Left Off, And We Now Have An Update...

According to our source, re-launching the exchange is now their 'official' goal, as they've been instructed to begin preparing as if it is happening for sure — an order that comes directly from new CEO John Ray.

"I'll word it like this: it's not 100%, but it just went from a 50/50 chance to probably a 90% chance of FTX re-launching" our insider explained, but they still have some challenges ahead  "Right now we're legally a bankrupt company, so we don't have the freedom to just do something  we want to, there's additional oversight, and a process where we propose something and get approval to do it first."

When asked if they believed they would receive that approval, they told us "I think John (CEO) wants to make sure the proposal leaves no reason to say no. They'll want to see a company that fixed everything that went wrong under Sam, and see we've taken steps that would make a repeat impossible." I asked how close they were to being able to make those claims, and was told, "We can say all that now and it would be completely true" Reminding him I still needed an answer to the question, they added, "oh, yeah - yes" (they think the re-launch would be approved).

New Revelations...

This next part is a big deal - while I personally didn't have funds on FTX when it shut down, a lot of people did.  Since then, the media's coverage of the situation would probably give people the impression that most of what they stored on FTX is gone.

But when I asked what kind of responses they received from former FTX users when mentioning a possible re-launch, I got a surprising answer "First, they say F-off and they would never use a platform that basically stole from them. Fair enough.  But then you ask, what if they didn't take anything from them? What if it opened and all the funds they left there were still there?"

'Are you saying this is what would actually happen?' I asked "I'm not in accounting, so I can't say this is the case with 100% of accounts, but one thing you'll probably be hearing if FTX re-launches or when Sam's case goes to trial - he didn't really mess with the FTX US funds".

This Wasn't a Total Surprise To Hear - It May Be Sam Bankman-Fried's Secret Weapon...

Back at the beginning of the year when FBI agents brought Sam back to the US where he was arraigned and pled 'not guilty' to the charges against him it seemed like the response from the crypto community was 'he's a liar and that won't work once he has a trial'. 

But that made no sense to me. Sam's parents are both literally famous lawyers and Stanford Law School professors - Sam takes their advice.  So why would they advise him to fight the charges against him when shortly before his arrest he appeared on various podcasts admitting to misusing user funds - his point at the time was 'I wasn't stealing user funds, I just got confused, used funds that belonged to my users, and lost some of it.'.

I could only come up wi0th one theory that made sense, and published 'The Twisted Way Sam May Be Found INNOENT' which goes in to more detail, but basically the only way someone who already admitted so much on video could go to trial and stay out of prison is if he only misused funds belonging to non-US citizens, and only did that while at his company headquarters, which is also outside of the US, in the Bahamas.

What does the US justice department do when laws are broken in another country and none of the victims are American?  Absolutely nothing.

Users finding out all the crypto they left on FTX is still there would be great news, which I said in our conversation, but as we suspected, they warned that non-US may have some bad news coming soon. "It's the funds from FTX's international platforms that Sam really screwed with." our source said  "We're (his team) not involved with any of the international stuff, but several times I've had to talk with some of the guys that are. For the first few months they always sounded stressed out and exhausted, they were cleaning up one hell of a mess."

But recently, even the team cleaning up the worst of it started to sound less miserable. "Last couple of times I talked to them, they seemed way more chill. Remember Bitcoin was at like $20k when FTX shut down, FTX is holding a lot of BTC and other coins that have gained almost $2 BILLION since trading stopped." I didn't really think of that until now, but it makes sense. "Yep, so that instantly becomes funds we can use towards making users whole, if the market continues this way, there's a chance FTX won't owe anyone anything".

That really would be a great ending to an otherwise miserable story, if HODLing pays the rest of FTX's debts.

In Closing...

It's hard to say just how difficult a relaunch will be, the team must navigate a complex legal landscape of bankruptcy, and manage to meet all necessary requirements to gain approvals from an array of people both private and government sources. 

All this is happening at a time when exchanges that haven't had any major scandals are finding it challenging to operate in the US as seemingly incompetent leadership has taken over the agency that oversees them.  One thing is for sure - they seem truly confident in their ability to pull it off.
Part of me says 'companies that go through what FTX has been through don't just come back one day'...  then I realized to company that went through what FTX did has ever even tried.
---------------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto NewsSubscribe to GCP in a reader

Jul 25, 2023 09:00

Seriously!? CELSIUS Joins FTX as Another 2022 Failure Looks to Re-Launch "Before Year's End"...

A couple months ago, if someone told me that Celsius or FTX would re-open for business in the near future, becoming active platforms in the crypto space once again, I think I would have laughed. In my mind, they were labeled 'done' or 'finished' or 'destroyed'... or all of the above.

Back in April one of my collogues here at the Global Crypto Press Association broke the story of a potential re-launch of FTX"s exchange. At the time, I honestly though the likelihood of this happening was small. While I knew the information was accurate, and our source wasn't lying when he said it was being 'evaluated' - I figured this was something they were probably required to do before officially dismantling the company forever, and selling the pieces as part of their bankruptcy.

A couple weeks after we published our story, it began popping up places like The Wall Street Journal, NY Times, Bloomberg, etc - but now it was the new CEO confirming an FTX re-launch was a real possibility, 

Now, another one of 2022's most dramatic crypto-company-collapses is attempting to rise from the ashes...

The company believes that over time, and by using shares of the new company, and crypto, they will be able to fully settle their debts along with an additional 5%.

Celsius, which is under control of newly appointed leadership, has been working hard to pull out of the bankruptcy, which it declared in July 2022.

It's up to the people they owe, along with the judge overseeing the bankruptcy to decide if they should  be allowed to re-launch or officially shut down - in some cases trust in the company is so low, creditors believe re-launching will end with them losing the rest.

Judges typically strongly favor a company re-launching over the alternative, as long as the problems that led to their failure have been addressed. 

Similar to the FTX situation,  re-launching is the only way those who are owed could get 100% of it back...

If there's no business earning a profit, there's no way to replace whatever funds were truly lost. 

The alternative is selling off everything the company still owns, splitting up whatever that brings in, and that will be the last payment their former investors will receive.

According to the judicial documents presented by Celsius, their current path forward is finding support not just within the company itself but also the creditors' committee representing those they have a debt with. In total more than 30,000 of those with claims are on boar, hoping this is how they will recover funds of USD 7.8 billion. 

Judge Martin Glenn, who is overseeing the bankrupcy case has recived a request from Celsius to review their proposal at the hearing on August 10, where Celsius hopes they will be given the approval needed to move forward.

The proposal would have the platform re-lunched by October and those they owe receiving payments before the end of this year.

Another thing Celsius has in Common with FTX: Former CEO's Out on Bail Awaiting Trial...

Alexander Mashinsky, former Celsius CEO spent one night behind bars, his wife came the following day and signed off on a massive $40 million bond that will allow him to remain out of prison while awaiting trial.

Former CEO Alexander Mashinsky

While he's out of prison, he's far from free - obviously international travel is off the table, that's standard. But in a sign that authorities believe there's at least a small chance he will try to flee before his trial, they've limited his movement to within NY state, if he leaves NY state land he immediately faces arrest. 

Mashinsky faces fraud charges from both the SEC and CFTC.

I'm Trying to Figure out if I like these Companies Coming Back or Not? 

That's the part I can't figure out.  If the people to blame for everything that went wrong are truly  removed, so closing the company now would only hurt the innocent employees who have been trying to clean up the mess others left behind, I support them. 

The problem never was 'companies named Celsius are bad' it was 'A bad person runs a company named Celsius'...allegedly.

With time it may change, but there's certain names and words that cause me to cringe a bit when hearing them.  FTX, Terra Luna, Celsius, Bitconnect... Craig Wright, etc.

I'm sure most people see where I'm coming -so the right thing to do is this bias in mind so I make sure the new teams running these platforms when they re-launch are given a fair chance to prove themselves. 

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May 23, 2023 10:35

Bankrupt Crypto Exchange FTX Continues to Explore Potential Relaunch, Court Records Reveal

Recently submitted court records in the FTX insolvency case reveal that the exchange’s new CEO, John Ray III, has been exploring a revival plan for the now-disabled trading platform and the “preliminary formation of restructuring strategies.” FTX’s Revival Prospects Surface as New CEO Explores Reboot Plans and Bidder List The current CEO and main restructuring [...]

The post Bankrupt Crypto Exchange FTX Continues to Explore Potential Relaunch, Court Records Reveal appeared first on Crypto Breaking News.

Nov 28, 2022 08:20

Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans

Dogecoin investors continue to be hopeful that Musk's vision for Twitter 2.0 will include some form of DOGE integration.

May 31, 2022 12:10

LUNA 2.0 Suffers Significant Price Correction Hours After Launch

The recovery plan for Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA) embarked on a bumpy route after the LUNA 2.0 cryptocurrency suffered a substantial market fall hours after its launch. TerraForm Labs successfully delivered new LUNA coins to market participants holding LUNA Classic (LUNAC) and TerraUSD (UST). According to data from cryptocurrency exchange Bybit, LUNA began trading at $0.5 and quickly rose to a high of $30 before dropping by more than 88% to $3.5.   Related Reading | Cryptocurrency Spams Grow By Over 4000% In The Last Few Years LUNA 2.0 Price Surged 5,900% On Saturday, May 28, the LUNA price surged 5,900% to a new all-time high of $30. Unfortunately, this spectacular rise was short-lived. The price soon reversed and dropped 88%, resulting in a swing low of $3.50. LUNA 2.0’s price increased quickly after it hit $3.5, reaching $10.22 before staying at $6 for the last two days. As this coiling up continues, there is a good chance that Terra bulls may come together and cause a big rally. People are bullish on LUNA because assets usually go back to their average after a big move. LUNA’s price went down 88% recently. But it will probably go back up just as quickly because the decline was so sharp. Although, some members of the Terra community speculated that LUNA 2.0 would cost between $30 and $50 when it was released. Therefore, investors are outraged by the current price movement. Due to Terra’s LUNA and UST death spiral, they continue to suffer losses. Due to Saturday’s airdrop, the LUNA 2.0 price is consolidating below the middle of the newly formed trading range. As a result, investors should be patient before opening new trading positions and wait for a directional bias to develop. Do Kwon Blamed For Market Crash Do Kwon has been the center of attention since the fall, with some in the crypto community blaming him for the market crash. He faces accusations that he engaged in fraud leading up to Mirror Protocol, too! LUNA continued to lose money after the collapse, with its market capitalization slipping below $1 billion. But surprisingly, the crash sparked interest in LUNA, with Google search popularity ratings skyrocketing. Related Reading | Undervalued Metaverse Project Mars4 Is Preparing for New Releases The collapsed token became popular because some people were very optimistic and put in more money. This made the token’s price go up quickly. But according to market analysts, the interest in the token was due to the hope that it would be like other meme coins, like Dogecoin. According to Do Kwon’s original plan for a new blockchain, the aftermath of the UST peg failure was an opportunity to come up afresh from the ashes.    Featured image from Flickr, and the price chart from Tradingview

Mar 31, 2022 01:40

Moxy.io Introduces The ‘P&E’ Concept Ahead of Moxy Club Pre-Launch

The Moxy.io team has built a team consisting of several veterans from the video game industry to take gaming to a whole new level by bringing blockchain technology to mainstream games. The team began their adventure in 2021, when a band of blockchain enthusiasts joined up with a group of video gaming industry experts to […]

Dec 06, 2021 08:05

Crypto Flipsider News – Bitcoin Sell-Off Ignites Extreme Fear, LUNA Reaches New ATH, $196 Million Bitmart Hack, Metaverse Tops NFT Sales, Binance to Relaunch in the U.K.

Read Monday's breaking news in the daily digest

Continue reading Crypto Flipsider News – Bitcoin Sell-Off Ignites Extreme Fear, LUNA Reaches New ATH, $196 Million Bitmart Hack, Metaverse Tops NFT Sales, Binance to Relaunch in the U.K. at DailyCoin.com.

Feb 06, 2024 05:50

FTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over?

The dream of a revived FTX exchange evaporates, triggering a massive sell-off of its native token, FTT. According to Kaiko, on February 5, FTT, the now utility-free currency of the defunct exchange, plummeted over 30% last week, erasing much of its recent gains fueled by speculation of an FTX comeback.  FTT price collapse | Source: [...]

The post FTT Crashes 30% As FTX Relaunch Hopes Fade: Is the Dream Over? appeared first on Crypto Breaking News.

Apr 19, 2023 04:15

FTX’s Stunning COMEBACK! Why and How FTX's Current Leadership is Eyeing a RE-LAUNCH Of the Platform...

"The situation has stabilized, and the dumpster fire is out, announced FTX attorney Andy Dietderich during a hearing at a Delaware bankruptcy court.

According to our source (who has been 100% accurate with his information since we first spoke with them back in December of last year) FTX is in such a better position than anyone thought possible, re-starting the exchange is now on the table. 

"The overwhelming majority of people currently involved with FTX want to see it up and running again" my insider said last night on Telegram, and then elaborated on what a perfect outcome would be for them "This could end up simply being a story of a company with a bad CEO, a problem that was fixed, but still has a happy ending where no business is forced to shut down, all the employees don't lose their jobs, and investors and customers end up with all the money they're supposed to have."

At this point I was a bit stunned... how did this whole situation go from sounding like one of the biggest disasters in the history of business, to something that could actually end with a healthy company, and everyone getting what is owed to them?

Here's how it could happen:

In mid-November when FTX filed for bankruptcy they owed $3.1 billion to its 50 largest creditors and at least $5 billion more to its nine million customers and smaller creditors.

At that time the company was able to find $3.3bn of assets... so, about $5 billion short. Pretty bad. 

I think most people assumed there wouldn't be a dramatic change in those numbers, but those people would be wrong. Since then, Sam was booted out of the CEO position and a new team came in to clean up and go over everything. 

For much of FTX's business there was no traditional record keeping, and it was their job to review emails, notes, chat logs, anything that contained business details, and create the proper accounting to go with them.

They found more than anyone thought possible...

Frankly, after we discovered the new team billing the bankrupt company for over $30 million for a single month of work, I was wondering if they were really doing enough to justify their price tag. Now it's a bit less shocking to see them charge millions if they’re discovering billions in FTX's assets. 

Total funds available to FTX have more than doubled since they took over. In the 5 months they've been there they we're able to locate $800M in cash, along with $600M in “settlements and investments receivable”.

But the biggest surprise: FTX's huge crypto holdings, which then increased in value...FTX held way more than most people were expecting - $3.3 billion in crypto is currently sitting in FTX controlled wallets.

...and that gained over $1 billion in value as it sits there.

With FTX in very different circumstances than before, new options seem possible...

With the much improved circumstances FTX finds the business in,  they have narrowed it down to two options.

Option 1: Pay back what they can, then close. Use the funds to pay off debts, then shut down FTX for good.  Keep in mind, they're still about $1 billion short, with around $7 billion of the approximately $8 billion owed - people would get most, but not all of what they are owed.

Option 2: Re-open FTX. Conduct marketing research to find out if people would return to trade on FTX, now that Sam was out of the picture.  If this shows it could be successful, and the largest debt holders are willing to wait, they could re-launch the exchange using some of the funds they currently have, and pay some of their debts with what is left.  Then over time the remaining money owed would be paid out of future profits from the business.

Much of it will come down to how the public views the FTX brand, with Sam now removed...

This was a unique situation where even though you could argue that if Sam was even capable of doing what he is accused of, would have required others at FTX to have failed at their job, or been corrupt themselves - it seems like somehow 100% of the blame is directed at Sam, both from the public and law enforcement. 

Sam Bankman-Fried Leaves an NY Court after a second batch of charges against him were added.
Again, I know that's not true, but I have to remind myself that others have even officially pled guilty to felony crimes over this.  FTX co-founder Gary Wang, and ex-Alameda CEO Caroline Ellison both plead guilty to federal fraud charges.

But then they did the opposite of Sam and avoided the spotlight, successfully too - we've heard nothing from or about them since late last year. 

Next time we hear those names it will probably be as they're being used as witnesses against Sam.

In conclusion…

Remember - if they re-open the exchange they would also return user funds by putting those funds back onto the exchange, a powerful trick to get people to log back in.

Between that and my opinion that most people will see Sam's removal as the problems being 'fixed' - I think a successful future is absolutely possible for FTX. 

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

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May 06, 2023 08:55

FTX’s Stunning COMEBACK!? Why and How They're Eyeing a RE-LAUNCH...

"The situation has stabilized, and the dumpster fire is out, announced FTX attorney Andy Dietderich during a hearing at a Delaware bankruptcy court.

According to our source (who has been 100% accurate with his information since we first spoke with them back in December of last year) FTX is in such a better position than anyone thought possible, re-starting the exchange is now on the table. 

"The overwhelming majority of people currently involved with FTX want to see it up and running again" my insider said last night on Telegram, and then elaborated on what a perfect outcome would be for them "This could end up simply being a story of a company with a bad CEO, a problem that was fixed, but still has a happy ending where no business is forced to shut down, all the employees don't lose their jobs, and investors and customers end up with all the money they're supposed to have."

At this point I was a bit stunned... how did this whole situation go from sounding like one of the biggest disasters in the history of business, to something that could actually end with a healthy company, and everyone getting what is owed to them?

Here's how it could happen:

In mid-November when FTX filed for bankruptcy they owed $3.1 billion to its 50 largest creditors and at least $5 billion more to its nine million customers and smaller creditors.

At that time the company was able to find $3.3bn of assets... so, about $5 billion short. Pretty bad. 

I think most people assumed there wouldn't be a dramatic change in those numbers, but those people would be wrong. Since then, Sam was booted out of the CEO position and a new team came in to clean up and go over everything. 

For much of FTX's business there was no traditional record keeping, and it was their job to review emails, notes, chat logs, anything that contained business details, and create the proper accounting to go with them.

They found more than anyone thought possible...

Frankly, after we discovered the new team billing the bankrupt company for over $30 million for a single month of work, I was wondering if they were really doing enough to justify their price tag. Now it's a bit less shocking to see them charge millions if they’re discovering billions in FTX's assets. 

Total funds available to FTX have more than doubled since they took over. In the 5 months they've been there they we're able to locate $800M in cash, along with $600M in “settlements and investments receivable”.

But the biggest surprise: FTX's huge crypto holdings, which then increased in value...FTX held way more than most people were expecting - $3.3 billion in crypto is currently sitting in FTX controlled wallets.

...and that gained over $1 billion in value as it sits there.

With FTX in very different circumstances than before, new options seem possible...

With the much improved circumstances FTX finds the business in,  they have narrowed it down to two options.

Option 1: Pay back what they can, then close. Use the funds to pay off debts, then shut down FTX for good.  Keep in mind, they're still about $1 billion short, with around $7 billion of the approximately $8 billion owed - people would get most, but not all of what they are owed.

Option 2: Re-open FTX. Conduct marketing research to find out if people would return to trade on FTX, now that Sam was out of the picture.  If this shows it could be successful, and the largest debt holders are willing to wait, they could re-launch the exchange using some of the funds they currently have, and pay some of their debts with what is left.  Then over time the remaining money owed would be paid out of future profits from the business.

Much of it will come down to how the public views the FTX brand, with Sam now removed...

This was a unique situation where even though you could argue that if Sam was even capable of doing what he is accused of, would have required others at FTX to have failed at their job, or been corrupt themselves - it seems like somehow 100% of the blame is directed at Sam, both from the public and law enforcement. 

Sam Bankman-Fried Leaves an NY Court after a second batch of charges against him were added.
Again, I know that's not true, but I have to remind myself that others have even officially pled guilty to felony crimes over this.  FTX co-founder Gary Wang, and ex-Alameda CEO Caroline Ellison both plead guilty to federal fraud charges.

But then they did the opposite of Sam and avoided the spotlight, successfully too - we've heard nothing from or about them since late last year. 

Next time we hear those names it will probably be as they're being used as witnesses against Sam.

In conclusion…

Remember - if they re-open the exchange they would also return user funds by putting those funds back onto the exchange, a powerful trick to get people to log back in.

Between that and my opinion that most people will see Sam's removal as the problems being 'fixed' - I think a successful future is absolutely possible for FTX. 

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

Subscribe to GCP in a reader

Apr 14, 2023 05:50

OpenBazaar marketplace says it’s set to ‘grow again from the ashes’

The decentralized marketplace OpenBazaar appears set for a comeback after it was shut down over two years ago, according to a number of social media and GitHub updates. A GitHub repository on the collaborative software development site shows progress as recent as April 12 on building a new version of the marketplace which was shut [...]

The post OpenBazaar marketplace says it’s set to ‘grow again from the ashes’ appeared first on Crypto Breaking News.

Oct 26, 2024 12:00

Binance Connect relaunches with integrated crypto-to-fiat service

Binance has integrated the revived Binance Connect service more tightly into its ecosystem.

Aug 02, 2023 08:25

FTT Token Surges 17% After FTX Confirms Rumors Of Relaunch

Bankrupt crypto exchange FTX has submitted a proposal that may result in the relaunch of its international arm FTX.com. On August 1, the company’s bankruptcy administrators confirmed rumors of a relaunch by filing a draft plan of reorganization in which it proposes the kick-off of a “rebooted” offshore exchange exclusive to non-U.S. users only. Related Reading: FTT Flies 45% On Rumors Of FTX Planned Relaunch FTT Gains By 17% Amidst Plans To Terminate Claims FTT, native token of the FTX exchange, recorded a significant boost in its price on the emergence of the exchange’s proposal to relaunch in the international market.  According to data by CoinMarketCap, FTT rose by 17% on Tuesday, moving from $1.34 to $1.59. Thereafter, the token experienced a decline, falling as low as $1.42, but has been climbing back up since then. Interestingly, FTT’s gain today has occurred amidst the exchange’s plans in relation to its native token. According to the draft plan of reorganization, FTX stated intentions to cancel all FTT claims as a result of their “equity-like characteristics.”  The statement read:   ….claims by holders of FTT (whether or not held on any FTX exchange), preferred stock, and equity investors in the Debtors and related claims. All these claims and interests will be canceled and extinguished as of the Effective Date, and holders will not receive any distribution. At the time of writing, FTT is trading at $1.45, having gone up by 7.39% in the last day. Meanwhile, the token’s daily trading volume is up by 378.65% and is now valued at $43.8 million. FTT trading at $1.43 on the daily chart | Source: FTTUSDT chart on Tradingview.com Related Reading: Ethereum DeFi Coins Plunge As Curve Concerns Threaten Major Market Crash FTX.com To Relaunch As Exchange Plans Settlement For Foreign Customers As part of its reorganization plan, FTX is implementing a categorization system for claimants. Those who use FTX.com exchange will be referred to as Dotcom customers, while FTX U.S. customers will be placed in the U.S. Customer Pool. This approach is aim at helping FTX better organize its customer data and provide more efficient service to its valued clients. In regards to the settlement of Dotcom creditors, FTX proposes that debtors may partner with third-party investors to set up a new exchange that will operate as an offshore platform. Alternatively, this exchange can also be formed as a merger or “similar transaction.”  Thereafter, the debtors may then choose to grant the Dotcom customer pool some share of the company instead of conducting a full cash settlement. A statement from the draft read: Rather than all cash, the Debtors may determine that the Offshore Exchange Company remit non-cash consideration to the Dotcom Customer Pool in the form of equity securities, tokens, or other interests in the Offshore Exchange Company or rights to invest in such equity securities tokens or other interests (“Take-Back Interests”).  Talks concerning an FTX.com relaunch began as early as January, with the company CEO, John J. Ray III, stating he had authorized a team to explore that possibility. In June, WSJ reported that the company had begun discussions with potential investors in a bid to meet the goal. Featured image from PRNewswire, chart from Tradingview.com