The bankrupt crypto exchange FTX is planning to revive its flagship crypto exchange through rebranding, a move that has been met with skepticism from some community members who call it “flagship manipulation.” FTX, which was once the second-largest crypto exchange, has been undergoing bankruptcy proceedings for over seven months. According to the Wall Street Journal (WSJ), FTX has started early talks with investors for the revival of FTX.com. The company is likely to rebrand itself and restart operations. Additionally, customers who lost their funds on the platform may be compensated by receiving stakes in the rebranded business. Blockchain company Figure has expressed interest in participating in the FTX revival process, and FTX will also consider proposals from other interested companies. Some community members have criticized the move, while others have expressed openness to using the platform if it is run by entirely different people. FTX’s current CEO, John J. Ray III, had previously hinted at the possibility of reopening the exchange, and the new team has been working to recover funds and reimburse depositors. In a separate development, FTX has decided not to sell its stake in AI startup Anthropic, which has achieved a $4.6 billion valuation thanks to the AI boom this year. Despite investing $500 million in Anthropic just before its bankruptcy, FTX has pulled out from the deal.
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