1/🧵 FTX Exchange, known for its major setbacks, may soon be making headlines not for its demise, but its resurrection! After months of quiet, we have exciting news on their potential relaunch. A thread 🧵👇 #FTX #CryptoNews #threadstorm
1/🧵 FTX Exchange, known for its major setbacks, may soon be making headlines not for its demise, but its resurrection! After months of quiet, we have exciting news on their potential relaunch. A thread 🧵👇 #FTX #CryptoNews #threadstorm
2/ Back in April, we reported on the possibility of FTX's relaunch. Sources indicated the team was considering two options: pay back what they can and close, or more intriguingly, reopen for trading. #FTXRelaunch
3/ The FTX team had been gauging sentiment among former users, asking if they'd consider trading again, even knowing that Sam Bankman-Fried was out of the picture. The results have now influenced their next steps. #CryptoCommunity
4/ The 'official' goal now is to relaunch the exchange. CEO John Ray has instructed the team to begin preparations. "It's not 100%, but it's now a 90% chance of FTX relaunching" says an insider. #CryptocurrencyExchange
5/ But there are challenges. "We're legally a bankrupt company, so there's additional oversight," our source explained. Yet, they believe their proposal can satisfy all necessary legal and financial conditions for approval. #Bankruptcy
6/ Here's a surprise: some of the funds FTX users thought were gone might still be there. Users understandably expressed resentment, but what if they found all their funds untouched? Would they return to FTX? #CryptoFunds
7/ Back when Sam Bankman-Fried was arrested, many in the crypto community assumed he would be found guilty. But what if there's a twist? Sam already admitted to misusing funds, but claimed it was a mistake. #CryptoControversy
8/ The twist? What if Sam only misused funds from non-US citizens, and only while operating out of FTX's Bahamas headquarters?
The US justice department can't do much about crimes committed outside its jurisdiction against non-US citizens. #Jurisdiction
The US justice department can't do much about crimes committed outside its jurisdiction against non-US citizens. #Jurisdiction
9/ This does not mean there's only good news ahead. Our source warned that international FTX users might not be so lucky. The funds from FTX's international platforms are where the major issues lie. #InternationalUsers
10/ However, even here, there is a glimmer of hope. The rise in Bitcoin and other crypto assets' value since FTX's shutdown could help towards settling these accounts. If the market continues this way, FTX might not owe anyone. #Bitcoin
11/ In conclusion, relaunching FTX is a complex task. But despite navigating a labyrinth of legal requirements and financial obligations, the team appears confident. Will they pull it off? We're watching closely. #FTXRelaunch
12/ We've seen plenty of companies rise and fall, but FTX's saga is unique. A company like FTX, overcoming such obstacles, has never even attempted to come back. Stay tuned for more updates on this riveting journey. #CryptoComeback #FTX