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The Crypto Reboot That Wasn’t: Why ‘FTX 2.0’ Floundered

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The Crypto Reboot That Wasn’t: Why ‘FTX 2.0’ Floundered

FTX's bankruptcy management team has decided against resurrecting the failed cryptocurrency exchange due to doubts about the feasibility of such a restart and the potential costs and delays involved. The collapse of FTX, which had been one of the world's largest crypto exchanges, resulted in an $8 billion deficit and fraud charges against its top executives. While some creditors argue that the opportunity to create a valuable business from the remnants of FTX has been missed, others believe that repaying customers in full and avoiding a restart is the more practical approach. CEO John J. Ray III stated that no serious investor made a meaningful bid due to concerns about outdated technology and the association with fraud.

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