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FTX begins reboot talks

Jun 28, 2023
Illustration of a hundred dollar bill in the shape of the FTX logo

Illustration: Sarah Grillo/Axios

The management team behind FTX is entering early conversations about rebooting the crypto exchange that was once among the biggest in the world, the Wall Street Journal reports.

Why it matters: After blowing itself up and taking a good chunk of the crypto industry with it, the company's reputation is in tatters.

Details: A reboot of FTX's international business would probably come with a rebrand, per the Journal. Its U.S. operation does not appear to be part of the conversation.

  • Mike Cagney's blockchain company Figure has reportedly shown interest in the restart, with initial indications of interest due this week.
  • The goal would be, at least in part, to recover more funds for customers than have already been gathered via bankruptcy.

Context: FTX's now CEO John J. Ray III floated the idea of restarting the exchange as early as January. Criminal misconduct and mismanagement took the exchange down, but its tech is still attractive to customers, he noted at the time.

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