FTX, the cryptocurrency exchange that filed for bankruptcy in November 2022, is reportedly considering a reboot.
According to the latest court filings, new CEO John J. Ray III has been working on materials related to a potential relaunch of the exchange.
Ray first floated the idea of restarting FTX in January 2023. “Everything is on the table,” he said at the time. “If there is a path forward on that, then we will not only explore that, we’ll do it.”
The new court documents indicate that a reboot plan is indeed in the works. In the “Summary of Time and Fees by Professional,” Ray charged $1,040 for less than an hour of work to “Review and finalize 2.0 reboot of exchange material for distribution” to investors.
The documents also show that FTX is seeking help from cybersecurity firm Sygnia to improve the security of the exchange. Additionally, the exchange is considering restructuring its operations as part of the reboot plan.
It is unclear when FTX 2.0 will launch, but the latest court filings suggest that the exchange is moving closer to a relaunch. The news has been met with excitement from the crypto community, with many investors hoping that FTX 2.0 will provide them with a path to recovery.
FTX’s native token, FTT, surged 12.8% on Monday following the news of a potential reboot. At press time, FTT is trading at $1.13, according to CoinMarketCap.
