New FTX Cheif John J. Ray III said in his latest interviewing that he believes he can reboot operations at FTX. He has begun looking into setting up a task force that will strategize this reboot and bring back FTX.com. People believe there is value in the FTX technology and platform and support the reboot of this exchange.
It was only a year ago that FTX was thriving as a Crypto exchange, worth $32 Billion. It is said that the main reason for the FTX downfall was due to Sam Bankman-Fried putting high value and investments on Alameda Research. It is estimated that $8 Billion had gone missing from the exchange. He then pleaded not guilty on accounts for fraud.
This chain of Bankruptcies started with Terra Luna, which caused $400 Billion to be wiped from the whole Crypto market, including Bitcoin. This led to Do Kwon receiving a red notice for arrest.
Sam Bankman-Fried on the other hand was arrested in the Bahamas and flown back to America where he was set out on a $250m bail.
