The legal process of FTX, which caused crypto investors to lose billions of dollars last year, is still ongoing. While investors are still waiting for the day they will receive their money, some rumors have been circulating for months. The Chairman of the Bankruptcy Committee was the first to mention the possibility of FTX exchange reopening. So, what is the current situation?
Will FTX Exchange Reopen?
Ray initiated efforts to reopen the exchange a few months ago, believing that the business can make significant profits if it becomes operational again due to its unique user experience. After it was announced that concrete steps would be taken in June, the possibility of an agreement by the end of the year began to be discussed.
Then we saw in the roadmap of FTX Bankruptcy Committee that they had a goal of reaching an agreement before the end of the year. Now, according to a report published by Bloomberg, three different offers have been made to the exchange. The FTX management is evaluating this and a decision will be made by mid-December.
“Kevin M. Cofsky from Perella Weinberg Partners, the company’s investment banker, said during a hearing in Wilmington, Delaware, that the company will decide on its progress by mid-December. Cofsky said that FTX is negotiating the details of potentially binding offers with investors.”
On the other hand, the trials for FTX are still ongoing. It seems that the SBF has been shattered in the hands of informants and there is no possibility of escaping from prison.
FTT Token Price Prediction
Can FTX reopen? If it does, we will see that the names with which the exchange has made agreements will revive FTX. The spending of 1 billion dollars was not made in vain for social media, and the same names will do their best for more. However, it is difficult for investors to trust FTX again. Although the bankruptcy committee is in control, the possibility of damage arising from undetectable vulnerabilities, even if it is 1%, will confuse their minds.
As for the price, the FTT Token increased by approximately $0.2 due to the impact of the news today. Despite the optimism in the overall market sentiment, the altcoin did not surpass its peak on October 19, despite the increase in BTC and other reasons. If a miracle happens, long-term closings above $1.2 can bring a rise to $1.4 and $1.86.
So, is there a guarantee that the new management will care about FTT Token? According to Ray’s statements, even if the exchange opens, FTT Token may not be the exchange’s native token in the long run. In other words, there are also risks that could cause the price to go to zero.
