What if FTX rose from its ashes? This is essentially the question that many investors have asked themselves after the remarks of the new CEO of the disgraced exchange. Indeed, John Jay Ray III recognizes that his business is in trouble, but he has faith in it. His statement during a recent interview with the Wall Street Journal is behind the spectacular rebound of FTT, the token of the FTX exchange. The new boss of the bankrupt platform confesses that a reliable company could emerge from the current bankruptcy. A real crisis exit plan or just a communication stunt? Anyway, it was enough to ignite the market with the sudden rise of the FTT by 30%.
Shock statement from John Jay Ray relaunches FTX
A little more than 2 months after his fall, FTX crypto exchange trying somehow to get back to the front of the stage. Aware that the road will be long and tumultuous, John Jay Ray III, the new CEO, chooses the tone of hope and does not hide to support that the exchange could come back stronger and come out of bankruptcy. This is at least what emerges from his last interview with our colleagues from the Wall Street Journal. Jay Ray would do anything to revive the exchange, especially if he is convinced that ultimately the platform’s customers will recover their funds.
He also reassures FTX customers by stating that: ” Everything is on the table (…) There are stakeholders we work with who have identified what they consider to be a viable business ». A well calculated message, since in the process the token of the crypto exchange experienced a jump of nearly 35%. Quite a performance, when you know that the announcement of the bankruptcy caused a 90% record loss of the value of the FTT. In its last heyday in 2021, the FTX token was worth around $70.
Customers will really have to be patient to get things back to normal, as current forecasts show that FTX is still at a substantial loss, given the debts it owes to customers.
Conclusion
All it took was one statement during an interview with the Wall Street Journal for John Jay Ray to raise the FTT by 35%. The new strongman of FTX since the departure of Sam Bankman-Fried wants to be reassuring in the face of a clientele that is beginning to lose hope of getting back in possession of its money. The question now is whether this rise in FTT will continue or is it just a fleeting rebound.
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