FTX reorganization plan announced, FTT rallies
The fallen cryptocurrency exchange FTX and its Unsecured Creditors Committee (UCC) announced its plan to reorganize and launch a new project called FTX 2.0. On May 23, the exchange revealed its initial plan to relaunch the project with its new CEO, John Ray III. FTX has already filed the necessary documents to the US Bankruptcy Court of Delaware. Moreover, the exchange’s CEO has already confirmed to the FTX.com platform, the international crypto trading arm of FTX Trading Ltd. The @FTX_Committee made a statement on John Ray's plan of reorganisation. Worth reading in full. Apparently, UCC input was ignored. They make the following demands: 1. The UCC should select who runs FTX 2.0 2. Restart & Recovery Token 3. Earn interest on $2.6B cash holdings pic.twitter.com/GmyFYe1mgH — FTX 2.0 Coalition (@AFTXcreditor) August 1, 2023 According to a tweet by an FTX creditor, the filing suggests that UCC has to appoint someone to run FTX 2.0 while hinting at a relaunch o...