John J. Ray III, the new CEO and chief restructuring officer of FTX, said in his first major interview since taking over the bankruptcy process that a reboot of the collapsed crypto exchange remains a live option. According to Ray, “everything is on the table,” and if there is a workable path to relaunching FTX, the restructuring team is prepared to explore it seriously.
His remarks came after FTX debtors and bankruptcy administrators disclosed that they had located roughly $5.5 billion in “liquid assets.” That figure, however, has raised questions because it reportedly includes locked SOL and holdings of FTT, the exchange’s native token, making the practical meaning of “liquid” open to debate. In addition, the bankruptcy team said another $4.5 billion could potentially be generated through sales of subsidiaries and FTX real estate in the Bahamas.
A reboot moves into focus
Ray said some stakeholders working with the debtors believe there is still a viable business inside the remains of FTX. That suggests the estate is not limited to asset sales and liquidation scenarios, but is also evaluating whether reviving the platform could create more value for creditors and other stakeholders.
Sharp divide with Sam Bankman-Fried
Ray also addressed former CEO Sam Bankman-Fried, saying there was no need to remain in dialogue with him and arguing that SBF had not provided meaningful information beyond what the new management already knew. He criticized the company’s former inner circle for what he described as a spending spree and severe breakdowns in corporate controls, including cases where purchase agreements were missing or unsigned.
SBF pushed back in comments to the Wall Street Journal, calling Ray’s remarks shocking and accusing him of making false claims based on flawed calculations. The public dispute underscores how far apart the two sides remain on questions of solvency, asset treatment, and the overall bankruptcy narrative.
FTT rallies on reboot speculation
The market reacted quickly to the possibility of an FTX comeback. FTT surged from about $1.71 before the interview to as high as $2.48, a gain of roughly 35%. Even so, FTX remains deep in restructuring, and major uncertainties still surround the estate’s asset quality, creditor recovery prospects, regulatory hurdles, and whether any reboot model would be sustainable.
For now, Ray’s comments have expanded the range of outcomes under consideration. But turning the idea of a relaunch into reality would require much more than market enthusiasm.