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FTX could be revived, says new boss

FTX could be revived, says new boss

New FTX boss says he could revive the disgraced crypto business.

John Ray has established a task force to look into if he could bring back the fund - which collapsed in November - after it lost $32 billion in value before it was declared bankrupt.

He told the Wall Street Journal he could potentially “recover more value” for investors, who were left unable to withdraw their money, after $8 billion vanished.

This suggestion comes after the ex ‘King of Crypto’ Sam Bankman-Fried, who co-founded and ran FTX, was charged with defrauding customers and investors to quell debts accrued by his hedge fund, Alameda Research, allegations he had pleaded not guilty to.

John is looking into breathing new life into the business instead of merely selling off assets, according to the interview.

Before this, the new CEO called out the way the fund was managed before and claimed he had never “seen such a complete failure of corporate controls” and called what he had learned about FTX since taking the reins was “unprecedented” in his four decade career, which included supervising Enron’s bankruptcy.

Sam - who has been accused of helming one of the biggest financial crimes in history - had claimed he he “didn’t knowingly commit fraud”.

The 30-year-old crypto bro said: "I didn't knowingly commit fraud. I don't think I committed fraud. I didn't want any of this to happen. I was certainly not nearly as competent as I thought I was."

However, the Securities and Exchange Commission labelled his crimes “brazen”

A court filing in the Southern District of New York reads: “While he spent lavishly on office space and condominiums in The Bahamas, and sank billions of dollars of customer funds into speculative venture investments, Bankman-Fried’s house of cards began to crumble."

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